Neptune Energy announced drilling operations have begun at its operated Yakoot exploration well, located in the North West El Amal Concession in the southern Gulf of Suez, Egypt. It is the first operated well to be drilled by Neptune in Egypt.

The operation is being carried out with the ADM-8 rig, operated by ADES, and has a final target depth of around 3,600 metres.

Neptune was awarded the exploration licence for the North West El Amal Concession in February 2019, and acquired advanced 3D seismic data in 2020.

Neptune Energy’s Managing Director in Egypt, Alexandra Thomas, said: “Drilling the Yakoot prospect is a significant milestone for Neptune in Egypt and we are grateful for the support of the Egyptian Petroleum Ministry and the Egyptian General Petroleum Corporation (EGPC).

“After many months of careful preparation, working closely with our stakeholders and partners, we are fully focused on safely drilling this strategically important well.”

The North West El Amal offshore concession covers 365 km2 and is located approximately 42 kilometres south-east of Ras Gharib and 105 kilometres north-west of Hurghada.

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 135,000 net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December 2022 of 552 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.