Madison PetroGas continues upstream activity

Egypt

CAIRO, August 13, 2014 – Canadian exploration company Madison PetroGas last week announced it had drilled four new wells since May of 2014, three of them appraisals and one a wildcat.

Large international oil companies in Egypt have faced slow-downs in operations and investments, while the upstream sector remains mobile with exploration drilling activity ongoing in various underexplored regions.

The Meseda-14H, Meseda-10H and Meseda-4H appraisal wells were drilled in the Meseda field and are producing about 2,100 barrels of oil per day combined with a low water cut of up to 1 percent.

The Raboul South-1X exploration well in H Block of the West Gharib concession came up dry. Madison PetroGas has a 50-percent working interest in blocks G and H in West Gharib.

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