Rally Energy reported that a significantly expanded drilling program was approved for the Issaran field in Egypt. At least 34 wells are planned in the next 12 months with the majority targeting the Nukhul formation.
Average production per well of 250 barrels per day is expected for the development program. Orders for long lead items have already been placed for the expanded development program. It is expected that a rig will be available to commence drilling by the end of April.
It is Rally's intention to fund the Egyptian development program from cash flow and with project debt. Rally is currently reviewing project debt proposals for the drilling program.
In November, Rally Energy commenced a four well 2002 development drilling program in the Issaran oilfield. This program is designed to increase production, prove up additional reserves and test improved drilling and completion techniques. Three wells, designated as No. 19, No. 20 and No. 22, have been drilled and completed and a fourth well, No. 21, is currently drilling. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
