{"id":14394,"date":"2024-07-09T18:28:32","date_gmt":"2024-07-09T18:28:32","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14394"},"modified":"2024-07-09T18:28:32","modified_gmt":"2024-07-09T18:28:32","slug":"egypt-apex-international-energy-issues-upbeat-operations-commercial-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-apex-international-energy-issues-upbeat-operations-commercial-update\/","title":{"rendered":"EGYPT: Apex International Energy Issues Upbeat Operations &amp; Commercial Update"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Operations Overview<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To date in 2024, Apex has drilled 10 wells. Six of the 10 drilled wells are currently producing, one has been completed as a water supply well for a water injection project, two are discoveries waiting on completions and one was a dry hole. The drilling campaign utilizing the EDC-65 rig has focused on continued development of Apex\u2019s Fajr and Farah fields, delineation of the Mashreq-N and RAM fields and exploration, all in the Southeast Meleiha (SEM) concession, and drilling a commitment well in the Zarif field in the Ras Qattara concession.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The most recent Fajr well, the Fajr-40, tested at a sustained rate of 500 barrels of oil per day (bopd) from the Upper Bahariya (UBAH) formation in late May and has now been placed into production.&nbsp; The successful test of the UBAH establishes the viability of further development of this horizon in the Fajr field area as well as the later recompletion to the UBAH formation in the existing Middle Bahariya (MBAH) producers once the MBAH is depleted in those wells.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the Zarif field, the Zarif 47 drilled in February 2023, which was the last commitment well under the old Ras Qattara concession agreement, and the Zarif 49 drilled in April 2024, which is one of two commitment wells required under the newly signed Ras Qattara concession agreement, were both completed as producers in the UBAH and placed into production earlier in the second quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RAM-3 well drilled in May provided further delineation of the RAM field in the Qattara Depression (discovered August 2023) and tested gas and condensate from the Lower Bahariya and Middle Bahariya.&nbsp; The well will be temporarily abandoned for a possible future gas completion, potentially in conjunction with future deep gas exploration prospects in the vicinity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In its non-operated concessions (25% interest; IEOC-operated), gas production from the Faramid project in the East Obaiyed concession has remained stable at approximately 23 million cubic feet per day, or 3,830 boepd (960 boepd net to Apex) from two wells.&nbsp; In the South West Meleiha concession, the SMEL C-1X exploration well encountered oil in the Bahariya formation and was placed on production in May at a rate of approximately 400 bopd (100 bopd net to Apex).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Total working interest production has hit 12,000 boepd on several occasions and averaged between 11,500-12,000 boepd throughout 1H 2024, placing Apex amongst the top 10 liquids producers in Egypt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the exploration front, in the Qattara Depression in the SEM concession, drilling of the SEMR-D1X exploration well started in late May.&nbsp; The well reached TD at approximately 9,000 feet-MD.&nbsp; The well encountered 81 feet of continuous, highly porous gas pay in the Dabaa formation, 28 feet of calculated gas pay in the Apollonia Formation and 12 feet of oil pay in the Upper Bahariya (UBAH).&nbsp; No commercial hydrocarbons were found in the primary target Alam El-Bueib (AEB) sandstones, and the lower portion of the well has been plugged and abandoned in preparation for testing of the UBAH pay zone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The EDC-65 rig will next drill the SEMR-E1X exploration well.&nbsp; This well targets the AEB while also having prospectivity in the Bahariya and other shallower horizons.&nbsp; Following the SEMR-E1X, the EDC-65 rig will be released while the Company assesses the data gathered from operations to date in 2024 and plans future development and exploration campaigns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In East Siwa, where Apex operates with IEOC as a 50% partner, reprocessing of 2D seismic data is almost complete, after which an exploration drilling location will be selected from among the identified prospects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company\u2019s independent reserve auditors recently completed their assessment of reserves as of year-end 2023.&nbsp; Audited 2P reserves stood at 29.1 mmboe (Apex working interest) versus 25.5 mmboe at year-end 2022, an increase of 14%.&nbsp; This is in line with the Company\u2019s internal estimates of approximately 30 million mmboe as of that date, and places Apex among the top 10 commercial reserves holders in the Western Desert as of that date.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Commercial Overview<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On May 27, 2024, the Minister of Petroleum signed the new concession agreement for Ras Qattara between the government of Egypt, EGPC, Apex and INA-Industrija Nafte, d.d., with a firm term of 5 years, with an option to extend for an additional 5 years with Minister approval. This new agreement includes terms that will extend the economic life and ultimate recovery from the field and includes a two-well drilling commitment, the first of which, the Zarif 49, was completed and placed into production earlier this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apex is currently negotiating with EGPC to extend the term of its SEM exploration acreage for 3 years beyond its upcoming expiration date in November 2024, and to modernize commercial terms in the West Razzak and East Kanayes concessions that host the mature Aghar and other oil fields.&nbsp; The new fiscal terms would extend the economic life of the Aghar fields and allow more efficient depletion of reserves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company\u2019s total budgetary commitment to exploration, development and production operations in Egypt during 2024 exceeds $100 million, including operating and capital expenditures for the work program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operations Overview To date in 2024, Apex has drilled 10 wells. Six of the 10 drilled wells are currently producing, one has been completed as a water supply well for &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/egypt-apex-international-energy-issues-upbeat-operations-commercial-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446],"tags":[11597,8910,11599,10982,8259,709,11592,11593,11595,11596,9715,11594,11598,8913],"class_list":["post-14394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","tag-aghar-fields","tag-apex-international-energy","tag-east-kanayes-concession","tag-east-obaiyed-concession","tag-egpc","tag-egypt","tag-fajr","tag-farah","tag-ras-qattara-concession","tag-semr-e1x","tag-south-west-meleiha-concession","tag-southeast-meleiha","tag-west-razzak","tag-zarif-field","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Egypt-Apex.jpg?fit=900%2C505&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Ka","jetpack-related-posts":[{"id":12239,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-fajr-8-development-well-produces-2440-bopd\/","url_meta":{"origin":14394,"position":0},"title":"EGYPT: Fajr-8 Development Well Produces 2,440 bopd","author":"","date":"May 9, 2022","format":false,"excerpt":"Apex International Energy announced that the\u00a0Fajr-8 development well was tested at a daily rate of\u00a02,440 barrels of oil\u00a0and negligible water. The well encountered 98 feet of high-quality oil pay in sandstone of the Bahariya Formation. The well was connected to production facilities and opened for the first production on May\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-apex-international-energy-acquires-interests-in-6-concessions-in-western-desert\/","url_meta":{"origin":14394,"position":1},"title":"EGYPT: Apex International Energy Acquires Interests in 6 Concessions in Western Desert","author":"","date":"January 11, 2023","format":false,"excerpt":"Apex International Energy (Apex) today announced that it had acquired interests in four concessions in the Western Desert oil producing region of Egypt from IEOC Production B.V. (IEOC), a unit of Eni S.p.A. Two additional concessions will be acquired by Apex after parliamentary approval of extensions, which is expected in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9718,"url":"https:\/\/www.oilnewskenya.com\/index.php\/energy-apex-international-energy-discovers-oil-in-the-western-desert\/","url_meta":{"origin":14394,"position":2},"title":"ENERGY: Apex International Energy Discovers Oil in the Western Desert","author":"","date":"January 18, 2021","format":false,"excerpt":"Apex International Energy (Apex), which is backed in part by UK energy investment firm Blue Water Energy, today announced a new oil discovery in Southeast Meleiha Concession (SEM), located in the Western Desert of Egypt. The discovery was achieved at the SEMZ-11X well located 10 kilometers west of Zarif field,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/EGYPT-SW-Meleiha-765.jpg?fit=765%2C743&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14066,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-apex-international-energy-provides-update-on-assets-acquired-in-1h-2023\/","url_meta":{"origin":14394,"position":3},"title":"EGYPT: Apex International Energy Provides Update on Assets Acquired in 1H 2023","author":"","date":"November 21, 2023","format":false,"excerpt":"Apex International Energy has provided an update on operations from the six concessions in the Western Desert oil producing region of Egypt acquired from IEOC Production B.V. (IEOC), a unit of Eni S.p.A., in the first half of 2023. As previously announced, Apex acquired all of IEOC\u2019s interests in the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11051,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-eni-discovers-new-oil-in-meleiha-south-west-meleiha-leases\/","url_meta":{"origin":14394,"position":4},"title":"EGYPT: Eni Discovers New Oil in Meleiha &#038; South West Meleiha Leases","author":"","date":"October 27, 2021","format":false,"excerpt":"Eni announces new discoveries in Meleiha and South West Meleiha concessions, in the Western Desert of Egypt. Preliminary estimates of the resources associated to these new discoveries are at 50 Mboe of hydrocarbon in place. The discoveries in the Meleiha development lease were achieved through the Jasmine W-1X and MWD-21\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Egypt-Meleiha.jpg?fit=530%2C279&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Egypt-Meleiha.jpg?fit=530%2C279&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Egypt-Meleiha.jpg?fit=530%2C279&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10455,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-eni-merges-meleiha-meleiha-deep-into-the-merged-meleiha-concession\/","url_meta":{"origin":14394,"position":5},"title":"EGYPT: Eni Merges Meleiha &#038; Meleiha Deep into the Merged Meleiha Concession","author":"","date":"June 17, 2021","format":false,"excerpt":"Eni has signed an agreement with the Arab Republic of Egypt, the Egyptian General Petroleum Corporation (EGPC) and Lukoil for the merger of the concessions of Meleiha and Meleiha Deep, in Egypt's Western Desert, and their extension to 2036, with the possibility of reaching further to 2041. The agreement, which\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14394"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14394\/revisions"}],"predecessor-version":[{"id":14396,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14394\/revisions\/14396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14395"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}