Energean Oil & Gas SA, Athens, said its Aegean Energy Egypt Ltd. subsidiary has been granted a 3-year extension to September 2014 of the exploration period on the West Kom Ombo concession west of the Nile in Upper Egypt.
Exploration will continue exploring by flying a high-resolution aeromagnetic survey over the entire 23,640 sq km block. The company intends to assess the 60% of the block that is still unexplored. The results will be integrated to the existing model and used to locate 2D seismic surveys.
Energean has drilled two wells that correlate well with the stratigraphy of Al Baraka oil field. Closures in the deeper parts of the basin will be the focus of the new exploration phase.
Energean recently secured a 90% working interest in the block. Groundstar Resources Ltd., Calgary, has a 10% carried interest through the second exploration phase.