Alamein/Yidma Development Lease, Western Desert Egypt
IPR Transoil Corporation (IPRTOC) acquired this prolific Western Desert Concession and peripheral assets (El Hamra Terminal and 40 Km 16” pipeline) from Phillips Petroleum in August 1993. The license was converted in August 2005 to a Production Sharing Agreement (PSA) with commitments of 3D seismic and exploration drilling, targeting Jurassic formations. Following a five year successful campaign, the Government of Egypt (EGPC), extended the exploration acreage through August 2015, against further drilling commitments. Producing fields are valid through 2025. All operations continue to be performed by IPR/EGPC’s joint operating company, El Hamra Oil (EHO). All previous seismic, wells and financial commitments have been exceeded, and new well programs are currently progressing to ramp up exploration and development production.