Melrose Resources has announces a new exploration discovery and commencement of seismic data acquisition in Egypt.
The South Damas No.1 exploration well has been successfully drilled to test a prospect in the Sidi Salim formation in the South East Mansoura concession, in which Melrose holds a 100 percent working interest. The well encountered the top reservoir at a depth of 4345 feet and penetrated 76 feet of net gas pay with good reservoir properties.
The preliminary estimate of the discovered reserves is 30 Bcfe, which is in line with the pre-drill analysis. The discovery well will be completed and tied-back for production to existing facilities and is expected to be on stream within six months at an initial rate of in excess of 12 MMcfepd. The capital cost, including the well completion and flow line, is estimated at 3.3 million US dollars giving an attractive unit development cost of 11 US cents per Mcf.
Following the completion of the South Damas No.1 well, the EDC-9 rig will be used to drill another Sidi Salim prospect in the South East Mansoura concession called Tall Rak. This prospect is on trend with a number of other discoveries, including the Tamad field, and has mean unrisked reserves of 190 Bcfe and a chance of success of 34 percent.
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