Egypt: New petroleum discovery (GNN-4) in Geisum offshore concession

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Achieving a new petroleum discovery (GNN-4) in Geisum offshore concession area south of the Gulf of Suez shallow water, at a rate of initial production of 2000 barrels per day of crude oil, and estimates indicate that there are about 70 million barrels of recoverable crude oil, the South Valley Egyptian Petroleum Holding Company is technically supervising on the oil concession area.

The discovery was made by the joint company Petrogulf Misr Company a joint venture company between Ganope, Pico Gos Petroleum Company Limited, and Kufpec (Egypt) Limited.