IPR EGYPT

completed

_x000C_The IPR Group of Companies (IPR or the company) is a group of privately-held domestic and international companies that engages in exploration and production of oil primarily in Egypt, but also elsewhere in Syria and Pakistan. IPR is headquartered in Dallas, Texas, where, besides being active in exploration and production through its affiliates in Egypt, Pakistan and Syria, it also provides petroleum consulting services through out the world. IPR’s existing production is largely concentrated in its Alamein Yidma concession in the Western Desert area of Egypt, but it also has existing production in the Gulf of Suez from the North July concession. IFC has been asked to provide financing of up to $25 million to help fund a portion of IPR’s capital expenditure program for the 2006-2009 period. The program (drilling nine new wells and undertaking 51 well interventions or workovers, plus auxiliary facilities) will focus primarily on the further appraisal and development of its Almein Yidma field, but will also target exploration and development of five other oil fields in Egypt, namely, North Bahariya,North Ras Qatara and El Diyur all located in the Western Desert, and the Southwest Gebel El Zeit, North July and North Ramadan fields offshore in the Gulf of Suez.