Author: Inktank

First Oil Achieved from the GNN Discovery in the Southern Gulf of Suez, Egypt

Cheiron announces that the GNN-4 well, which was drilled to appraise the recent GNN oil discovery, has been completed and successfully tested at initial rates of over 2,000 bopd.  The well was drilled as a high angle wellbore from the existing Geisum D platform and has been placed on long term production using the existing field infrastructure. The discovery, which contains an estimated 260 MMbbls of oil in place, is located on the Geisum and Tawila West Concession (the “Concession”)…

Cheiron Makes One of the Most Promising Discoveries in the Geisum Area

In mid 2019, Cheiron, through the Petrogulf Joint Operating Company, made an encouraging exploration discovery in the Nukhul formation north west of the main Geisum field. This is the first time that the Nukhul sand has been found to be hydrocarbon bearing in the Geisum and Tawila West Concession area (the “Concession”). Petrogulf (an Operating Company of EGPC, Cheiron and Kufpec) is currently drilling the first of three appraisal wells that will allow the partners to delineate the discovery and…

Cheiron Awarded the New North Zaafarana Concession

Cheiron is pleased to announce it has been awarded the new North Zaafarana Concession. The Concession has been effective from 17 January 2018 and is valid for a total period of 15 years. Cheiron has an 80% working interest, with Sahara O&G holding the remaining 20%. The Concession covers an area of 347 square kilometers and is located 6.5 km from the coast in 57 m of water depth. The field is currently producing over 3,000 bopd (gross) and holds…

Cheiron Petroleum Corporation Wins Mexican Cardenas-Mora Onshore License Bid

Cheiron Petroleum Corporation is pleased to announce that its wholly owned subsidiary Cheiron Holdings Ltd (the “Company”) placed the winning offer to partner with Pemex on Mexico’s onshore Cardenas-Mora license. The offer included a cash bonus of $41.5 million plus an amount to be paid in recognition of Pemex’ previous investments on the block. Under the terms of the license contract, the Company will acquire Operatorship and a 50% interest in the block and Pemex will retain the remaining 50% interest.  The contract represents one of the first new…

Cheiron Completes Acquisition of West El Burullus Concession

Cheiron 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…

North Baharya Acquisition Completed

PICO Cheiron Group is pleased to announce that it has completed the corporate acquisition of Sahara North Baharya, giving the Group ownership of a 50% Working Interest and Operatorship of the North Baharya concession in the Western Desert. The North Baharya concession covers an area of around 177 square kilometers and contains six oil fields, namely Abrar, Ferdaus, Ganna, Rawda, Sidra and Rayan, producing from the Cretaceous Abu Roash formation. On a combined basis, the fields are producing over 8,000 bopd…

New CEO for PICO International Petroleum and Cheiron Petroleum Corporation

Ian Hewitt has stepped down as Interim CEO after successfully leading a substantial turnaround of the E&P business delivering significant production, reserves and NPV add. In response to low commodity prices the shareholders asked Ian to step in in early 2016 to improve the robustness and resilience of the business. Restructuring activities over the past 14 months have included changes to the Board and Governance processes in the Company, along with planning and organisational improvements designed to enhance performance. The…

Romania Assets Extensions Approved

On 22 December 2016, Romanian National Agency for Mineral Resources (NAMR) approved extensions for our Oporelu, Cosminele, Chislaz and Cosesti fields for three and a half years until 2020.…

Plans Underway to Commence Drilling of the GC-8B well targeting the Kareem reservoir at the Group’s Geisum and Tawila West Concession

Located at the southern entrance of the Gulf of Suez, the Geisum field is part of the Group’s Geisum and Tawila West Concession covering also the North Geisum, South Geisum, Northeast Geisum and Tawila West fields. In December 2016, the company laid the groundwork to commence drilling of the GC-8B well targeting the Kareem reservoir with an expected additional reserves of 0.5 MMbbls.…