EGYPT

BP Makes Oil Discovery in Suez Gulf 

BP has struck oil with its first wildcat in the 267-sq. km. East Ras al-Dib offshore concession in the Gulf of Suez. The discovery well, Erdma-l, flowed at a rate of 1,654 b/d of 42° API crude on a 10-hour test from the Karim formation at a depth of 2,564.5-2,573.5 ms., but BP reportedly estimates the well's potential at about 3,000 b/d. Additionally, initial testing of shallower well depths yielded an average of 311,000 cu. ms./day...