IPR Mediterranean Exploration Ltd. (IPRMEL), partner with OVL, has made two new commercial oil discoveries as the result of their exploration activities in Block XXIV (Al Rashid Contract). First discovery Rashid Field, which produces from the Judea Formation, is located in 50 km north-northeast of city Deir Al-Zor. The second discovery Abu Khashab Field, which produces from Chilou, Dibbane and Jeribe Formations, is located in 60 km northeast of Deir Al-Zor.

According to Syrian General Petroleum Corporation (GPC) sources, the estimated Oil in Places and Reserves of Rashid and Abu Khashab Fields are 14/5 million barrels and 148/37 million barrels respectively.

 
Total exploration expenditures during the period of 2004-2009 is around US $ 40 million. Estimated cost of implementing the Plan of Development (POD) during the next 25 years is US $ 500 million. US $ 175 million of this total will be spent during the first five years.

The oil production from the subject fields is expected to start during the second half of 2010.

 
IPRMEL, a company organized and existed under the laws of British Virgin Islands, carried out the exploration activities for several years in Block XXIV. Finally the company had announced its first oil discovery of Rashid field in May 2009. The second discovery Abu Khashab came in August 2009. The company’s aggressive exploration program continues in the western part of Block XXIV (Al Bishri Area).

Syria Oil