PICO Cheiron Completes Acquisition of West El Burullus Concession

PICO Cheiron Group is pleased to announce the complete acquisition of 100% working interest in the West El Burullus Concession from the French energy group Engie, following the Minister of Petroleum’s approval of the Deed of Assignment. West El Burullus and its satellite field Papyrus are shallow-water gas discoveries located in the western part of the Nile Delta Basin in the vicinity of major producing fields such as Abu Qir and Rosetta. Project sanction is currently planned in 2018 and the two fields are expected to add around 250 billion cubic feet of gas and 3 million barrels of condensate to PICO Cheiron’s reserve base.