PICO is a Leading Group of Companies Operating in Diverse Sectors.

PICO Group is a collection of fully independent, highly technical and specialized companies, each with its own requirements, management team, financial structure, growth path and focus for value creation. The Group aims to expand regionally by applying the experience gained through its successful platform in Egypt, with a focus on its four primary sectors of Agriculture, Consumer Foods, Energy and Real Estate.

PICO Energy Group

Focused on integration, innovation and customer service, PICO Energy Group is a leading petroleum services provider in the Egyptian market. Its portfolio of services includes: Petroleum Services, Petroleum Integrated Services, Technologies, Energy Solutions, Logistics Services, Marine Services, Research & Analysis. To learn more about PICO Energy Group, visit www.picoenergy.com,

Cheiron Holdings Ltd.

Cheiron Holdings Ltd. is a specialist E&P company focused on mature field development (with upside) in Egypt and Mexico. The company is actively screening for additional opportunities in mature markets where its core technical skills are in demand, visit http://cheironpetroleum.com/

PICO International Petroleum

PIP is an independent exploration and production company. The company focuses on revitalizing and optimizing production at small and medium-sized mature fields, where its interests span the range of oil and gas upstream activity — from near field exploration to full field development planning and operations. To learn more about PICO International Petroleum, visit http://picocheiron.com/about-us/

PICO Engineering Group

PICO Engineering Group is a leading player in the trading of machinery and heavy equipment via three independent engineering companies, one each in the Industrial, Contracting and Engineering sectors. To learn more about PICO Engineering Group, visit: www.picoengineering.com.

PICO Real Estate

With a land bank of more than 20 million square meters, PICO Real Estate is a thriving real estate developer with one of the largest real estate portfolios in the Greater Cairo Area.

PICO Investments

Targeting a diverse selection of key economic sectors, PICO Investments is a private equity investment firm that targets key sectors of the Egyptian economy, including Financial Services, Banking, Listed Securities, Tourism, Agriculture & Consumer Foods, and Real Estate.

La Poire

The largest pastry producer in Egypt, La Poire has two distinct lines of business: production and distribution. The company has complete control of its supply chain, from the factory through its distribution network to the end consumer.

MACO Modern Agriculture

A leading agricultural company in Egypt, MACO is fully vertically-integrated, completing the agricultural value chain from propagation to cultivation to export. To learn more about Modern Agriculture Company MACO, visit:www.picoagriculture.com.

PICO Group Locations Map

Visit PICO Companies website:  www.picocompanies.com

Early Strategy

Artificial Lift

• Class: American Bureau of Shipping Certified for being inspected and overviewed during manufacturing and commissioning
• Leg length: 280 ft (highest class in the world)
• Cranes capacity: 400 MTons (capable of lifting complete platforms)
• Free deck space: 11,000 sqft
• Jacking up/down total time: 45 mins (4-6 hours for Jack up rigs)
• Elevated-conditions wind speed: 100 knots
• Operational wind speed: 70 knots
• Operational swell: 15 ft
• Accommodation: 50 men on board
• The only DP (Dynamically Positioned) Lift Boat in the world enabling the lift boat to approach platforms without interrupting operations
• The only SNAME (Weather resistant) compliant
• The only Sonar equipped for sea bed imaging during legs jacking up
• Unmanned work over rig which elevates the safe working conditions to more than 35 knots
• Eliminates the need for tug boats for travel/positioning
• The 45 min jacking speed eliminates the need for a long suitable weather window for jacking up which reduces the waiting on weather total time by more than 50%
• Fully equipped with cranes, pumps, tanks, logging unit, slick line, testing, snubbing unit/work over rig, coil tubing & stimulation equipment which eliminates the waiting on supply/contractors
• In addition to being suitable for large platforms, it is also equipped with an additional cantilever skid out deck which eliminates any weight loading on monopod/aging platforms

Compensated Spectral Density logging tools determine formation bulk density (ρb) and borehole compensated photoelectric factor (Pe) by using a chemical source of gamma radiation along with gamma detectors. Materials in the path attenuate gamma rays as they travel from the source to the detectors. Analysis of the energy spectrum of the detected gamma rays yields ρb and Pe. The density measurements indicate formation porosity when formation lithology is known. The Pe value serves as the lithology indicator in single mineral formations. When combined with Neutron data, multiple mineral formation porosity and lithology can be determined. Spectral Density tools can be run in any type of borehole fluid.

The PCNT tool determines porosity of a formation by measuring the intensity of thermal neutron radiation produced when bombarding a formation with fast neutrons.

When the fast neutrons collide with formation elements, energy is reduced to the thermal level. The PCNT use a chemical source for neutrons and two thermal neutron detectors. Measurements consist of a calibrated ratio of near-detector to far-detector count rates. This ratio is related to the hydrogen content of the formation and can be used to determine porosity. The tool's source and detectors are spaced to maximize the depth of investigation of the tool and to provide accurate logging data. The PCNT tool can be run in any type of borehole fluid.

The PTSG tool provides highly accurate measurements of gamma rays emitted from potassium, uranium, and thorium to determine formation lithology. Concentrations of these elements give more detailed stratigraphic and depth correlation than can be obtained from conventional gamma ray tools. The PTSG uses a scintillation crystal, sodium iodide (Nal), and a photomultiplier tube to measure gamma ray radiation. The PTSG tool can be run in any type of borehole fluid.

PTNG tools measures gamma ray emissions from naturally occurring radioactive isotopes to determine formation lithology. The PTNG detector uses sodium iodide (Nal), a scintillation crystal, and a photomultiplier tube to measure gamma ray radiation. Gamma rays strike the Nal crystal causing photons to be emitted. The photons strike the photomultiplier tube and are amplified to give a current pulse large enough to measure. The pulses are counted to determine the energy received. The photon pulse is directly proportional to the energy level of the gamma ray. Pay zones made up of sandstones, limestones, and dolostones exhibit low radiation. The PTNG tool can be run in any type of borehole.

PICO Telemetry tool assures a reliable high bandwidth communication between the tool string down hole and the logging system on the surface..

Advantages:

• Fast digital equalization process with feedback
• Data transmission quality index
• Two ways reliable communication
• Wide bandwidth data transfer through the wire line
• Small foot print and low power consumption

Miscellaneous

Top-only tool, integrated with PTNG/PTSG.