Apex International Energy reports strong performance in Egypt's Western Desert

Apex International Energy has provided an operational and commercial update for the first half of 2024 from its eight concessions in Egypt's Western Desert, as per an emailed press release to Arab Finance.

So far this year, Apex drilled 10 wells, with six currently producing oil. The Fajr-40 well, producing 500 barrels per day (bpd) from the Upper Bahariya formation, demonstrates the potential for further development in the Fajr field.

In the Zarif field, two wells were completed as producers under the new Ras Qattara concession agreement.

The RAM-3 well, drilled in May, tested gas and condensate from the Lower and Middle Bahariya and may be used for future gas completions.

Apex's non-operated concessions saw stable gas production of approximately 23 million cubic feet per day from the Faramid project in the East Obaiyed concession.

The SMEL C-1X exploration well in the South West Meleiha concession began producing oil in May at a rate of 400 bpd.

Total production for Apex has averaged between 11,500-12,000 barrels of oil equivalent in the first half (H1) of 2024, ranking the company among the top 10 liquids producers in Egypt.

In the Southeast Meleiha (SEM) concession, the SEMR-D1X exploration well encountered significant gas and oil pay zones and is preparing for testing of the Upper Bahariya pay zone. The next well, SEMR-E1X, will target multiple formations, including the Alam El-Bueib and Bahariya.

Reprocessing of 2D seismic data in the East Siwa concession is nearly complete, with exploration drilling locations to be selected soon.

The new Ras Qattara concession agreement, signed on May 27th, 2024, includes a five-year term with a potential five-year extension.

Apex is negotiating with EGPC to extend the SEM exploration acreage and modernize terms for the West Razzak and East Kanayes concessions.

Apex's 2024 budget for exploration, development, and production operations in Egypt exceeds $100 million.

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