The 26.2-sq km (10.1-sq mi) concession, in 27 m (88.6 ft) of water, contains two proven productive horizons in the Eocene-age Thebes and Senonian-age Matulla carbonates. These horizons have to date produced 3.75 MMbbl of light oil (31° API) from two wells tied back to an existing platform.
The acreage is between the 550-MMbbl Ramadan field and the 80-MMbbl Saqqara field, both of which produce light oil from lower Cretaceous Nubia sandstones which are the prime development targets within the concession.
Pico has a 37.5% operating stake, with Sea Dragon holding 12.75% (subject to approvals) and GPC 50%. Work commitments over the 10-year extension period include drilling of a new well and facility upgrades.