Apex reaches 12,000 boepd production in Egypt, reserves Increase 14%

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Egypt - Apex International Energy announced Monday a positive update on its operations and commercial developments in Egypt’s Western Desert for the first half of 2024. The company reported reaching a production milestone of 12,000 barrels of oil equivalent per day (boepd) and a 14% increase in audited 2P reserves to 29 million barrels of oil equivalent (mmboe).

Apex’s 2024 drilling campaign has resulted in six producing wells, one water supply well, two discoveries awaiting completion, and one dry hole. The Fajr-40 well, the most recent addition, demonstrated a sustained rate of 500 barrels of oil per day (bopd) from the Upper Bahariya formation, confirming the potential for further development in the Fajr field.

In the Zarif field, both the Zarif 47 and Zarif 49 wells have been completed as producers and put into operation. The RAM-3 well in the Qattara Depression revealed gas and condensate deposits, and will be temporarily abandoned for potential future development.

Gas production from the Faramid project in the East Obaiyed concession remains steady at approximately 23 million cubic feet per day. Meanwhile, the SMEL C-1X exploration well in the South West Meleiha concession began producing oil in May at a rate of around 400 bopd.

Apex is actively exploring in the Qattara Depression, with the SEMR-D1X exploration well encountering gas pay in the Dabaa and Apollonia formations, as well as oil pay in the Upper Bahariya. The company plans to drill the SEMR-E1X well next, targeting the Alam El-Bueib (AEB) sandstones.

On the commercial front, a new concession agreement for Ras Qattara was signed, extending the field’s economic life. Apex is also in negotiations to extend the term of its SEM exploration acreage and modernise commercial terms in the West Razzak and East Kanayes concessions.

The company’s 2024 budgetary commitment for operations in Egypt surpasses $100m.

Thomas Maher, Apex’s President and Chief Executive Officer, expressed satisfaction with the company’s progress and thanked the team for their efforts. He also announced the retirement of Keith Dowling, Vice President of Engineering and Managing Director/General Manager of the PetroFarah joint venture, and welcomed Tom Everitt as his replacement.

“Tom’s extensive experience and especially his years in Egypt and the Western Desert will help Apex to continue its growth trajectory and progress.