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Operations in Zaafarana

May 1, 2012

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PICO International Petroleum (PIP) has operated the Zaafarana Concession since 1999 when it acquired 60% of BG’s 50% share, to hold a 30% Working Interest (“WI”) in the Concession. Since it took over operations at the Concession, PIP has successfully arrested the field production decline trend and maintained production at a plateau rate of 7,000 to 8,000bopd. Zaafarana Field production commenced via a 15-slotwellhead platform connected to the FPSO vessel moored 750 meters away. This FPSO is the only FPSO in the Gulf of Suez and wider Middle East.