Adelaide, Nov 7, 2008 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) has continued to broaden and diversify its oil production assets after receiving Ministerial approval to acquire interests in two highly promising Egyptian oil concessions.
The Ministry of Petroleum of the Government of the Arab Republic of Egypt has approved deeds of assignment on November 1st, 2008 in respect of the North Shadwan and South East July concessions in the Gulf of Suez.
Beach Petroleum could begin to reap its share of oil production from the North Shadwan concession as early as next year.
North Shadwan is operated by BP Exploration (Delta) Limited and contains three existing, undeveloped oil discoveries and several attractive exploration prospects.
Government approval to develop two of these fields, close to the eastern shore of the Gulf, has been granted, with first production from these fields planned for late in 2009. The JV operating company (named Petroshadwan) is currently being established.
Drilling is currently underway on the third discovery, with the Burtocal-2 well appraising the NS394-1A "Burtocal" discovery made in late 2007. The discovery well penetrated a thick oil column within the Nubia Formation, an extremely prolific reservoir across the Gulf of Suez.
The appraisal well is testing separate fault compartments in the Burtocal structure and is designed to assist in delineating potential reserves to allow for evaluation of possible development options.
Contact
Reg Nelson
Beach Petroleum
08 8338 2833
Mark Lindh
Adelaide Equity
0414 551 361
Ian Howarth
Farrington National
03 9223 2455
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