Petzed announces new oil discovery in South Abou Zeneima

Jun 24, 2007 02:00 AM

Petzed announced a new commercial oil discovery in South Abou Zeneima. The well tested in Muzhil-1 field, 1,900 barrels of oil per day in aggregate from two different layers.
Muzhil-1 is a well in the South Abou Zeneima block situated on the Eastern side of the Gulf of Suez. The block covers 151 sq km in area and is surrounded by producing fields such as Rhudeis, October and Tanka. The block is fully covered by 3D seismic data.

Petzed acquired 100 % stake in the South Abou Zeneima concession in March 2006 with transfer of ownership in December 2006 by a deed of assignment.
While the Muzhil-1 discovery is the first discovery in this block, Muzhil 2 is currently being drilled, and expected to reach its total depth by end of July.

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