Neptune Energy has been pre-awarded the 363 sq km North West El Amal block, following the announcement of the winners of the EGPC 2018 International Bid Round on 12 February 2019. Work commitments include expenditure of US$ 34.5 million and 3 wells in the initial exploration period. A US$ 11 million signature bonus will be paid. The block lies in the central Gulf of Suez, to the west of the Morgan Field. The block is the first award of exploration acreage to Neptune Energy in the Gulf. It currently holds 25% equity in the Ashrafi concession, via the Ashpetco consortium. Upon PSC signature, Neptune will operate with 100% equity. 
Neptune Energy has been pre-awarded the 363 sq km North West El Amal block, following the announcement of the winners of the EGPC 2018 International Bid Round on 12 February 2019. Work commitments include expenditure of US$ 34.5 million and 3 wells in the initial exploration period. A US$ 11 million signature bonus will be paid. The block lies in the central Gulf of Suez, to the west of the Morgan Field. The block is the first award of exploration acreage to Neptune Energy in the Gulf. It currently holds 25% equity in the Ashrafi concession, via the Ashpetco consortium. Upon PSC signature, Neptune will operate with 100% equity. 