Terra Petroleum 3 Concessions

Terra Petroleum Ltd. is pleased to announce that the company has been awarded three exploration and production blocks in the Egyptian General Petroleum Corporation (EGPC) 2023 International Bid Round. This significant achievement further solidifies our strategic presence in the Eastern Mediterranean region and represents a substantial milestone in the company’s international growth trajectory.

The award of these three blocks underscores Terra Petroleum’s unwavering commitment to exploration and development activities in the Arab Republic of Egypt, which remains a cornerstone market for our organization. Egypt’s proven hydrocarbon potential, coupled with its favorable regulatory framework and strategic geographic position, continues to present compelling opportunities for international energy companies seeking to expand their upstream portfolios.

This award demonstrates the confidence that EGPC has placed in Terra Petroleum’s technical capabilities, operational expertise, and financial strength. The company is well-positioned to leverage its experience in the region to unlock the resource potential of these newly acquired acreage positions, while maintaining our commitment to responsible development practices and sustainable operations.

Terra Petroleum looks forward to working collaboratively with EGPC, relevant governmental authorities, and local stakeholders as we advance these projects through the exploration phase and beyond. This expansion aligns seamlessly with our corporate strategy of building a diversified, high-quality asset base in established hydrocarbon provinces with significant growth potential.

Further details regarding the specific locations, work program commitments, and development timelines for these blocks will be announced in due course.

North West El Moghra Concession, Onshore Western Desert, Egypt
Terra Petroleum Ltd. has been appointed as the operator of the North West El Moghra concession, located in the Western Desert region of Egypt. With a 100% working interest, we will be responsible for the exploration and development of this promising block. Our team is eager to commence operations and unlock the potential of this concession, which is expected to contribute significantly to our growth strategy in the region.

East El Galala Concession, Offshore Gulf of Suez, Egypt

In addition to our operatorship in the North West El Moghra concession, Terra Petroleum Ltd. has also secured a 10% working interest in the East El Galala concession, situated in the offshore Gulf of Suez region of Egypt. As a non-operator, we will collaborate with our partners to explore and develop this block, leveraging our expertise and resources to maximize its potential.

West Kheir Concession, Eastern Desert, Egypt

Furthermore, Terra Petroleum Ltd. has secured a 25% working interest in the West Kheir concession, located in the Eastern Desert region of Egypt. As a non-operator, we will work closely with our partners to explore and develop this block, capitalizing on our collective expertise and experience to drive growth and success.