On 14 January 2019, PICO announced that the Ramadan Marine South 3ST (SRM-3ST) appraisal well in the South Ramadan concession, offshore Gulf of Suez had encountered 33.5 m of oil pay in three horizons. 23 m were intersected in the Santonian Matulla primary target, 6 m in the pre-Miocene Brown Limestone and 4.5 m in the Maastrichtian Sudr formation.  SRM-3 appraisal well was suspended in September 2018, after encountering drilling problems and was then sidetracked and drilled to a TD of 4,766 m. The well is to be completed in the Matulla section and tested.  The well was spudded on 14 June 2018 to test the extension of the Matulla formation in an undrained light oil volumes up-dip of one of the previous producing wells in the field. The SRM-3 well is the last remaining commitment well on the South Ramadan concession.  PICO operates the concession with a 37.25% interest, GPC holds 50% and SDX holds the remaining 12.75% interest.  Background information    The Ramadan Marine South field was discovered by Total Proche-Orient in July 1982. The field was put onstream in 1985. Recoverable reserves have been estimated at 5 MMbo in four reservoirs of the Nukhul, Sudr and Matulla formations. The field produced a total of 3.75 MMbbl before being shut in.  The field is operated from two platforms and two production lines, with a terminal at Ras Gharib used to store crude oil. Contingent resources at the South Ramadan concession are estimated at a total of 13.56 MMbo.Â The concessionâs production sharing agreement stipulates aÂ cost oil ofÂ 30% and a profit oil of 22%.
Ramadan Marine South 3 (SRM 3) (Pico op. 37,5%, SDX 12,5%, EGPC 50%) in South Ramadan block, a total of 33,5m of oil pay across three horizons, hitting 23m of net pay in primary Matulla target. There was also 6m of pay in the Brown Limestone and 4,5m in the Sudr section. The well will now be completed in the Matulla section and tested to see if it flows at commercial rates. TD=4766m.