Vanguard Oil announces oil discovery in Egypt

Jul 19, 2000 02:00 AM

Vanguard Oil is pleased to announce that its wholly owned subsidiary in Egypt has drilled the Tawoos-1 well to a total depth of 9075 feet and is completing the well as an indicated oil discovery. The well is located on the West Esh El Mallaha Concession (WEEM), onshore Gulf of Suez, Egypt, 3.2 km west of Vanguard's Rabeh field and 2.5 km north-west of and on trend with the Wadi el Sahl North-1 (WESN-1) discovery.
Currently, the final logs are being evaluated in detail. Preliminary interpretation indicates that the main pay zone is in the Matulla "A" over a 90 foot interval with an additional potential pay zones in the Matulla "C". Good shows of light oil (similar quality to Rabeh crude) were encountered over a 700 foot gross interval in the Nukhul and a 300 foot gross interval in the Matulla.
Vanguard plans to immediately complete the well after casing and put the well on production within the next two weeks rather than conduct a testing program. Initial production rates will be announced at that time.
Using the Tawoos-1 well information to tie into the 3D seismic, Vanguard now maps a productive trend that extends a total of 6 km from the WESN-1 discovery through Tawoos-1 and further north to the area of the Tanan-1 exploratory location. The Tanan-1 prospect is interpreted to be approximately 700 feet structurally higher than Tawoos-1 and is located 2.5 km north of Tawoos-1.

Vanguard believes that the discovery could be significant, however, reserve estimates will not be meaningful until the results of the Tanan-1 exploratory well and the WESN-2 and Tawoos-2 appraisal wells are known and incorporated into the interpretation. A rig is currently moving onto the Tanan-1 location for an anticipated spud date around July 26th. Vanguard is earning an 81 % working interest in this area through the drilling of the Tawoos-1 and Tanan-1 wells.
The rig currently on the Tawoos-1 well is planned to move following the completion of the Tawoos-1 discovery well and drill the Rabeh-5 appraisal well to extend the field to the north. Vanguard has a 50 % working interest in the Rabeh field and surrounding area and is operator of the WEEM Concession.

Source: NewsEdge Corporation via Newspage
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