The Company growth and success is based in the simple expedient of acquiring high quality exploration acreage on ground floor terms from host governments and delivering value through finding hydrocarbons. The company then committed to developing and producing these reserves, becoming a full life cycle operator, to provide a long term source of revenue generation and providing a platform for future growth.
In all our activities, Vegas Oil and Gas shall:
- Ensure that HSE risks are considered as part of our overall business strategy, including annual HSE planning, mergers, acquisitions or divestments.
- Identify and comply with applicable laws and regulations for occupational health, safety and for environmental protection, and to observe international oil industry standards of good practice.
Operating licenses with high working interests has allowed the Company control over the pace of investment through exploration and development phases. This has resulted in short discovery to first oil times which were 6 months and 3 months for Alam El-Shawish West and North West Gemsa respectively.
The Company takes a pragmatic approach to business. In developing Alam El-Shawish West through the nearby Shell infrastructure, the benefits of farming in Shell as a joint venture partner created mutual synergies and accelerated first gas sales by 2 years.
Since 2003, Vegas have invested over US$480mm in E&P activities in Egypt and have become a well recognised independent E&P company. The 2013 exit production rates were 15,340 barrels per day liquids and 71.3 million standard cubic feet per day gas. These volumes delivered US$123 million in gross revenues in 2013.
The Company now plans to implement its E&P strategy in growing the company into a successful independent oil producer through new ventures both in Egypt and throughout the region. The Company is well funded and has no debt. The Company also intends to accelerate growth through targeted M&A activity (see New Ventures).