Like I said....No Oil in Kom Ombo .. The Six Hills F sand was perforated and tested but was found wet. A bridge plug was set at 2,230 feet and the Abu Ballas sand was selectively perforated in the interval 2,085 to 2,164 feet. The well was tested for a short period and 37-degree API oil was recovered at surface with no water. The Abu Ballas sand is productive in Al Baraka oil field and requires hydraulic fracturing stimulation to improve productivity. In order to establish the well productivity, a decision was made to release the rig and work on designing an appropriate hydraulic fracturing program. Two previously drilled wells on the structure also encountered oil shows in the Abu Ballas formation but were not tested
SO ! In layman terms ........
They drilled a new well and hit water in the first section , they plugged it and went deeper and hit OIL , BUT !it is embedded in the sands and rocks and requires fracture.
AWWWWWWWWW ! no kidding ..........I told you two years that is what you will find there. Do you not think that this has been done before .....How many times by how many companies....
I know first hand because I was there and saw it...............Unless they find a new zone or different geology.
The OIL is not quality,quanity enough to be commerical. ...........Sorry but the truth hurts......
I would expect them to punch another dozen wells to tell you this and maybe come back for more money next year and the year after..........You guys keep the faith ....
All the while they are packing their retirement funds ....Oh Egypt ....Such a great way to do business...NOT !