Newsroom

PICO Cheiron Group wins Mexican Cardenas-Mora onshore license bid

The PICO Cheiron Group (the “Group”) 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…

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…

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.…

Three New Managing Directors Appointed to JOCs

In line with previous restructuring efforts, PICO Cheiron appointed three new Managing Directors at our Joint Operating Companies. The new directors bring in a wealth of international experience to their respective companies.  Mr. Hamed Ibrahim Abdel Karim has been appointed Managing Director of PetroGulf, bringing with him 36 years of oil and gas experience. With previous experience at Gupco and Haliburton, Mr. Abdel Karim joined PICO in 2006 as Exploration Manager, before becoming Managing Director of Gempetco. Mr. Ihab Girgis…

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…