Tharwa’s board of directors decided to postpone vending the company’s shares in the Egyptian stock market.
“ The decision for the re-assessment was due to Tharwa’s last achievements especially the late discovery in West Esh El Mallaha area,” an official in Tharwa told Egypt Oil & Gas.
The official source pointed that Eng. Sameh Fahmy, the Egyptian Minister of Petroleum, stated that the company’s achievements will cause the stock to have bigger value in the stock market, as these achievements bring more economic return and encourage other companies to invest in the exploration for oil and gas.
Eng. Atef Abdel Sadek, Chairman of Tharwa Petroleum Company, lately announced a new discovery in West Esh El Mallaha area west of Hurghada in the eastern desert. The find was made in last February with an average of 1300 barrels per day, after the company won the acquisition bid raised by Ganoub El Wadi Petroleum Holding Company (Ganope).
Tharwa, the first Egyptian company for research and exploration, also started producing gas from Al Theka area of the Mediterranean Sea in January 2009 with daily average of 90 million cubic feet.
“We are now drilling exploratory wells in El Arish on the Mediterranean Sea, based on supported results of interpretation of three-dimensional seismic data. Also we prepared a plan to drill in the concession areas of Siwa and Salloum, including drilling a new exploration well in the Siwa block and conduct a seismic survey in the area of Salloum,” said Atef Abdel Sadek.
Tharwa is jointly owned by the Egyptian General Petroleum Corporation (EGPC), the Egyptian Holding Co. for Natural Gas (EGAS), Ganoub El-Wadi Holding Co. (Ganope), the Ministry of Finance and the National Bank of Investment. The company is listed under the free zones category.