Tharwa Announces a New Gas Discovery

Tharwa announces a significant new gas discovery; “Nargis-1X Exploratory Well”, located in Nargis Offshore Area Concession, in the Eastern part of the Mediterranean Sea, Offshore Egypt.

The Nargis-1X Well has encountered approximately 200 net feet (61 m.) of Miocene and Oligocene gas-bearing high quality sandstones reservoir and was drilled in  a water depth of 1,014 feet (309 m.) by the Stena Forth Drillship.

The Egyptian Nargis Offshore Concession Area is  about 445,000 acres (1,800 square kilometers).  Chevron Holdings C PTE. LTD. is the Operator with a 45% participating interest. IEOC Production B.V holds a 45% participating interest and Tharwa Petroleum Company S.A.E holds a 10% participating interest from the contractor’s share under the Concession Agreement issued by law No. (161) of 2020, in a partnership with Arab Republic of Egypt (Government) and the Egyptian Natural Gas Holding Company (EGAS).

Tharwa is thrilled for this new discovery, and is looking forward to working with its partners in supporting the future of Egypt’s petroleum sector.

In addition to Nargis Block, Tharwa has eleven blocks in partnership with Major International Oil Companies (IEOC, Chevron, Total, Shell, Exxon Mobil and BP). These new Concessions Agreements located in the Red and Mediterranean seas, in aiming to expand the Company through a well-established investment plan and a promising bench-market.

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