Arab Finance: Egyptian oil producer PetroNefertiti has recorded positive test flows of 1,500 barrels of crude oil and 8 million cubic feet of associated gas per day at its Lorcan-6 exploration well in the Eastern Desert, according to a statement by the Ministry of Petroleum and Mineral Resources.

The company, an affiliate of South Valley Egyptian Petroleum Holding Company (Ganope), successfully drilled the well in the North Zeit Bay area of Gebel El Zeit. It is scheduled to bring Lorcan-6 on-stream once the testing program and required technical procedures are complete.

Exploration within PetroNefertiti’s concession is supported by investments from UK-based oil and gas company Dana Petroleum and South Korea’s state-run Korea National Oil Corporation (KNOC). The investments support continued exploration and the assessment of the area’s petroleum potential.

Alongside preparations to connect the well to production, work is continuing to update geological data and maps and analyze test results. These activities aim to identify locations for additional drilling and make greater use of the area’s petroleum resources.

The ministry said the drilling forms part of its strategy to increase domestic oil and gas production by intensifying exploration and development, expanding drilling activities, and pursuing promising opportunities within concession areas. The efforts are being undertaken with investment partners and in coordination with the Egyptian General Petroleum Corporation (EGPC) and Ganope.