Apex International Energy has increased production at the assets it acquired earlier this year from Eni, in Egypt.
Apex announced that its 32-well workover programme had added 1,000 barrels per day of oil in the Western Desert. The Texas-based company bought stakes in Ras Qattara, West El Razzak, East Kanayis and West Abu Gharadig concessions, from Eni’s IEOC Production.
Apex closed the acquisition in June and began its workover programme in July. On completion of the purchase, Apex reported production from the assets of 2,900 bpd. It has increased this by 34% to 3,900 bpd.
The company also has production at the Southeast Meleiha (SEM) licence, accounting for around 7,100 bpd.
In September, Apex started producing gas at the Faramid project, in IEOC’s East Obaiyed. Apex has a 25% stake in the project, which is producing 24.4 million cubic feet per day of gas.
Apex’s total working interest production is now 11,100 boepd. The company said this made it one of the top 10 liquids producers in Egypt.
Lower costs
“The addition of the six acquired concessions, the comprehensive workover programme executed by our team in the acquired fields and the start-up of the Faramid gas project have contributed to increasing our working interest production by 62%, or 4,200 boepd, since the beginning of the year,” said Thomas Maher, Apex’s president and CEO.
“Importantly, these increases have been accomplished without a lost-time incident and while lowering unit operating costs by 20%, which is a tribute to the dedication and hard work of the Apex and PetroFarah teams.”
Maher continued, “Our engineers and geoscientists have identified additional workover candidates, and with the continuation of our ongoing development and exploration drilling campaign, we look forward to further increases in production in the coming months.”
Apex announced the deal with IEOC in January this year. The company did not reveal the price tag of the sale. The Mauritius Commercial Bank part financed the deal through a senior secured borrowing base facility.