On 10 February 2020, PetroGulf disclosed additional information regarding its successful GNN 3 exploration well, located on the offshore Geisum development lease (DL). The well is understood to have encountered hydrocarbons in a ~150m gross interval within the Nukhul Miocene sandstone objective. This is the first time hydrocarbons have been encountered in the Nukhul Formation on the licence. The ADES Group "Admarine VIII" jack-up carried out operations in a WD of ~17m, located NW of the Geisum Field. The well forms part of a two-well campaign, which had initially been slated for H2 2017. The DL forms part of the Geisum & Tawila West PSC, located in the southern Gulf of Suez. The Geisum oil & gas field, discovered in the Miocene Shagar sandstones in 1980. The concession agreement comprises of two blocks and four fields, on which some 87 wells have been drilled. The PetroGulf consortium comprises of Cheiron (formerly PICO, 30%), KPC (through its subsidiary KUFPEC, 20%) and Ganope (50%, carried).<P />
PetroGulf disclosed additional information regarding its successful GNN 3 exploration well, located on the offshore Geisum development lease (DL). The well is understood to have encountered hydrocarbons in a ~150m gross interval within the Nukhul Miocene sandstone objective. 