Petroleum Africa
Find us on: 
Wednesday, October 16, 2024
TAG Oil announced that it has received a ‘No Objection Letter’ approval from an industry operator in Egypt to the company’s proposal to acquire a significant interest in their sizable concession in the Western Desert, Egypt. TAG Oil engaged in evaluating the concession earlier this year and submitted a binding proposal in the second quarter. The farm-in agreement contemplates standard farm-in terms and is subject to certain conditions and other regulatory approvals.
The target concession covers an area of approx. 512,000 acres in the Western Desert, nearly 20 times larger than the 26,000-acre BED-1 Concession. Of specific interest is the unconventional ARF oil formation that is present covering a large portion of the targeted Concession with indications of very good ARF reservoir properties, similar to the BED-1 Concession, which has estimated oil-initially-in-place of 532 MMbbl assigned to the ARF unconventional resource play (1). Completing this acquisition will expand TAG Oil’s footprint on this significant unconventional resource play in Egypt, as well as adding immediate conventional production and upside in proven reservoirs.
The area has excellent coverage of 2D and 3D seismic and contains several producing and available oil wells with upside potential for completion and production optimization in conventional light oil reservoirs. Several prospective drilling locations and side-track opportunities have also been identified on 3D seismic.
The company will continue to provide updates on the approval process and details of the final definitive agreement as they become available.
(1) Source: Independent resource evaluation of the ARF formation in BED-1 Concession dated November 21, 2022, prepared by independent qualified reserves evaluator, RPS Energy Canada Ltd., with an effective date of March 31, 2022.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
