Category: Petroleum and Gas

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…

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.…

PICO Cheiron Signs SPA for West El Burullus Concession

PICO Cheiron Group signed a sale and purchase agreement for the West El Burullus Concession in August 2016, subject to the completion of a number of requirements. West El Burullus is a shallow-water gas Development Lease located in the western part of the Nile Delta Basin, next to major producing fields such as the Rosetta Gas Field (25 km to the northeast). The concession is expected to add some 192 bcf to PICO Cheiron’s reserve base.…

PICO Cheiron Signs SPA for North Baharya Concession

PICO Cheiron Group signed a share purchase agreement for the North Baharya Concession in August 2016, subject to the completion of a number of requirements. The North Baharya block is located in the Western Desert over an eastern extension of the Abu Gharadig Basin and is in close proximity to the East Baharya Block. It covers an area of c.117 sqkm and contains six producing oilfields: Abrar, Ferdaus, Ganna, Rawda, Sidra and Rayan. The concession is expected to add approximately 33…

Geisum Successfully Drills GC-9A

The Geisum well was successfully spudded on 7 June 2016 and was put into production on 16 July 2016. The well target reservoir is Shagar, its initial flow rate is 1223 mbopd, and reserve addition is 0.75 MMbbls.…

PICO Cheiron Successfully Drills Am 18 Sidetrack Well at its Amal Field

As part of the Group’s strive to continuously grow its working interest production, in March 2016 PICO Cheiron successfully drilled the Am 18 sidetrack well targeting the Rudeis reservoir in the Amal concession. The well results were successful with an initial flow rate of 7 MMscf/day of gas and 400 bbls/day of condensate and expected additional reserves of 6 BCF.…

International Consultants Hired to Refresh Prospect Inventory

International consultants from Berskshire Land and Energy have been hired to take a fresh look at the Group’s current portfolio and build up our prospect inventory.  PICO Cheiron brings in consultants with international expertise every two years, with the aim of taking a fresh look at our assets and to make sure we are driving the maximum value from them.…

PICO Cheiron Successfully Drills Am 23A Well at its Amal Field

In January 2016, the company successfully drilled the Am 23A well targeting the Rudeis reservoir in the Amal concession. The well results were successful with an initial flow rate of 2,400 bbls/day and current production of 2,000 bbls/day, with expected additional reserves totaling 1.1 MMbbls.…