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History

History

Vegas has enjoyed a 25 year history of participation and success in the onshore Egyptian upstream sector. Vegas began its involvement in Egypt, in 1990 through Kriti Oil & Gas, an affiliate company. Kriti acquired an operating interest in East Alamein concession in 1990 and managed production operations through the Alamein Petroleum Company (APC – joint venture with EGPC) until final relinquishment in February 2014.

Vegas, as a brand, became active in 2003 upon opening a branch office in Cairo to operate the exploration of a new concession, North West Gemsa (NWG). Exploration success led to the award of three development leases in NWG. Commercial discovery was declared in November 2008 and first oil exported in February 2009.

Since 2003, Vegas have developed the business by acquiring additional exploration concessions in Egypt via licensing rounds. Vegas have drilled some 75 wells as operator of which 24 have been exploration wells and the remainder appraisal and development wells. A total of 14 discoveries have been made resulting in 10 different development leases. This success has yielded a total 2P reserves base of 445 million barrels oil equivalent. The 2013 exit production rates were 15,340 barrels per day liquids and 71.3 million standard cubic feet per day gas.

The company’s corporate culture is now focused on business growth and the pursuit of new business opportunities. Vegas continues to operate the exploration license of East Lagia in Egypt.

Timeline of Key Events

2014 EA development lease expires. WO is relinquished.
2013 First gas is exported from NWG. Vegas discovers “North Dabaa” in EG. Vegas is awarded the East Lagia (EL) Concession in Sinai, which is now operated by Vegas East Lagia (VEL).
2012 First oil produced from EG. Vegas obtains approval for the Al Ola Development Lease in NWG.
2011 Vegas is awarded the EG development lease and becomes the Operator of WO.
2010 Vegas  Oil & Gas discovers “Safwa” and “Sabbar” in EG, “Al Ola” is discovered in NWG and first gas is produced in AESW. Vegas West Obayed (VWO) agrees to purchase 70% of West Obayed (WO) Concession in Western Desert.
2009 Vegas made the “Geyad” discovery in NWG. Three development leases are awarded in AESW and one in NWG.
2008 Vegas discovers “Al Amir SE” in NWG. The fifth discovery “Magd” is made in AESW
2007 Vegas is awarded the East Ghazalat (EG) Concession in the Western Desert (100% WI, farmed-down later to 50% with Vegas remaining the Operator). Two development leases are awarded, first oil is achieved and three more discoveries are made in AESW.
2006 The first discovery, “Karam” is made in AESW.
2005 Vegas is awarded the Alam El Shawish West (AESW) Concession in the Western Desert (100% WI, farmed-down in 2007 to 55% with Vegas remaining the Operator and to 35% in 2009).
2004 The first discovery is made in the South Gharib in NWG.
2003 The Company acquires the North West Gemsa (NWG) concession with 100% WI. This is later farmed down to 50% and the Company remains the Operator.
2002 Vegas Oil & Gas is incorporated
1990 Kriti Oil & Gas (later a subsidiary of Vegas) acquires the East Alamein (EA) Concessionwith 100% WI. This is later farmed down to 65%