BP Egypt makes discovery in the Nile Delta

BP Egypt has made a gas and condensate discovery in the western Nile Delta. The Raven 1 exploration well in the North Alexandria concession is the fourth discovery on this block following the Taurus, Libra, and Fayoum discoveries made in 2000 and 2001.

BP Egypt has made a gas and condensate discovery in the western Nile Delta. The Raven 1 exploration well in the North Alexandria concession is the fourth discovery on this block following the Taurus, Libra, and Fayoum discoveries made in 2000 and 2001.

Raven 1 is northwest of Rosetta, 40 km off the coast of Egypt in 650 m of water. On March 20 the Raven 1 well tested and flowed gas at rates of 37.4 MMcf/d and 741 b/d of condensate.

The Raven 1 well is the second well of a three well program BP is operating in the Nile Delta. Ruby 2 in the West Mediterranean deepwater concession was the first well drilled, and was appraised in September 2003.

After having completed a sidetrack to drill additional deeper targets, the rig will move to the Polaris 1 location on the West Mediterranean deepwater concession to drill another well.

BP operates the North Alexandria concession with a 60% working interest with RWE Dea holding the remaining 40% interest in the block. The West Mediterranean deepwater concession is adjacent to North Alexandria where operator BP holds an 80% working interest and RWE Dea holds 20%.

03/25/04

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