El Fayum is located approximately 80 km Southwest of Cairo. The Concession covers approximately 450,000 acres (1,850 square km). The Western Desert is one of Egypt’s most prolific hydrocarbon producing regions. El Fayum is in close proximity to several other large productive fields.

The Concession was awarded in 2004 with no producing wells. 3D seismic was shot and processed over 75% of the Concession in 2008. Subsequently, the company made 11 field opening exploration discoveries over 2009-2010. As a result of the exploration success and subsequent development activity, Fayum exhibits a regionally unique growth profile (2010 – 2016 production CAGR of 32%).

In 2016, El Fayum had 45 producing wells in 11 development leases covering approximately 70,000 acres (270 square km). Development leases are bounded areas agreed on with EGPC (Egyptian National Oil Company) following a commercial discovery. The term of each development lease is 20 years with an option to extend for an additional 5 years. Assuming extensions, the El Fayum development leases expire in 2034 – 2035.

Looking ahead, the company plans to maintain activity within development leases via development / delineation drilling and waterflooding, as well as selectively carry out exploration activities on areas outside of development leases on exploration acreage.

El Fayum has stacked oil dominated reservoirs with no significant gas discoveries. Producing reservoirs are cretaceous sandstones within varying depositional environments. Many of the reservoirs exhibit favorable conditions for secondary recovery, and several successful waterflood programs are in progress.

El Fayum has an estimated risked recoverable resource potential of 125-150 MMBbls and has produced approximately 15.2 MMBbls through December 31, 2016. Gross working interest daily production averaged approximately 10,000 BOPD over 2016.

In accordance with the terms of the Production Sharing Contract, Egypt received 2.1 MMBbls of crude from Fayum in 2016.