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Egypt-based Cheiron Petroleum Corporation announced a new oil discovery within the Geisum and Tawila West Concession located in the Gulf of Suez, as detailed in a social media statement posted by the Ministry of Petroleum and Mineral Resources on 22 August. “The discovery was made through the exploratory well, GNN-11, located north of Geisum North. The well encountered 165 feet of net oil-bearing reservoirs in high-quality Nubia Formation,” read the Ministry's statement. The Nubia Formation, a geological unit composed of…