Rosetta-11 was drilled to a depth of 1,605 m in a water depth of 160 m and was suspended as a future production well.
"Since 1997, the company has realized a 92% success rate having drilled 23 successful wells out of 25, said Stuart Fysh, president of BG Egypt.
The Rosetta-11 well completes the exploration program in the Rosetta Concession. BG and partners have applied to the Egyptian General Petroleum Corp. for a development lease for this new discovery and approval is expected to be granted later this year. Under the concession agreement, all areas of the concession not included in a development lease or development lease application were relinquished to the Egyptian Government on May 29.
BG Group has a 40 % working interest in Rosetta. Shell Egypt NV holds 40% and Edison International holds the remaining 20%. The partners were awarded the concession in 1995.
06/18/03
