London (Platts)--31Jan2008

BP announced Thursday a "significant" gas discovery at record depths in
Egypt's Nile Delta and an "important" oil discovery in the country's North
Shadwan concession in the southern part of the Gulf of Suez.
The Satis gas discovery is located in the North El Burg Offshore, Nile
Delta concession, some 50 km north of Damietta.
The well was drilled to a Nile Delta record depth of more than 6,500
meters and is the first significant high-pressure, high-temperature, offshore
Oligocene discovery, BP said.
The North Shadwan oil discovery was drilled in shallow water 7 km from
the Hilal field. The well penetrated 68 meters of oil-bearing sandstones in
the highly-productive Nubia formation.
"Oil samples recovered from the well indicate excellent quality light
crude oil," BP said without giving reserves estimates.
BP said the Satis gas find demonstrates the potential of the deeper
reservoirs within the Nile Delta and will require further appraisal.
Partners in the North El Burg offshore concession agreement are BP and
Eni, with a 50% equity stake.
The North Shadwan concession is jointly held by BP, (operator 50%) and
TriOcean Energy 50%, a subsidiary of the Egypt Kuwait Holding Co.