In North West Gemsa (SDX 50% working interest and non-operator), a three-well infill drilling program was undertaken together with a seven-well workover program during 2018. He production rate from these wells was in line with the Company’s guidance.
The NW Gemsa Concession is an 83 km2 onshore concession located approximately 300 km southeast of Cairo in the Eastern Desert adjacent to the Gulf of Suez.
The concession consists of three main oilfields Al Amir SE, Al Ola and Geyad fields producing light 42 degree API Oil.
In December 2009, the Company acquired a 10% participating interest in the concession. In May 2016 it acquired an additional 40% participating interest taking up to its current position of 50%.
- Cumulative production of 4.8 MMBOE
- Current gross production of 670 bopd
- 3 producing wells
Al Amir / Al Ola
- Cumulative production of 24.8 MMBOE
- Current gross production of 3,060 bopd
- 11 producing wells
Targeting production guidance of 3,000-3,200 boepd in 2019. It has low operating costs of $US 10/bbl, which make it significantly cash generative. As the field is fully developed capex is expected to be minimal going forward.
Production Data & Highlights
FY 2019 Gross
Of Total Production
Outlook For North West Gemsa
- Targeting gross average 2019 production of 3,000-3,200 bbl/d.
- Ten workovers to offset production decline.
- Minimal future investment planned; focus will be reducing costs and extending the economic life of the asset.
- Gross capex in 2019 is expected to be US$4 million, for the ten workovers and infrastructure maintenance.