IEOC, partners awarded block in Egypt

IEOC Exploration BV and partners RWE DEA of Germany and INA Industrija Nafte dd Zagreb of Croatia have been awarded the East Kalabsha block in Egypt's North Western Desert. The block was offered in Egyptian General Petroleum Corp.'s 2003 bidding round.

June 23, 2005

By OGJ editors
HOUSTON, June 23 -- IEOC Exploration BV and partners RWE DEA of Germany and INA Industrija Nafte dd Zagreb of Croatia have been awarded the East Kalabsha block in Egypt's North Western Desert. The block was offered in Egyptian General Petroleum Corp.'s 2003 bidding round.

East Kalabsha covers about 2,115 sq km. During the initial exploration period, the block partners are committed to drilling at least three wells, acquiring 2D seismic data, and spending a minimum of $8 million.

IEOC, operator, holds a 50% stake, while partners RWE and INA Industrija Nafte hold 25% each.