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Strengths

The Company is a well established operator in Egypt with an excellent track record of exploration success. The Company has the capacity to develop and produce reserves and has operated several field developments including gas sales projects. The company has an enviable record of fast tracking developments with discovery to first oil taking 3-6 months rather than years.

Technical Track Record

  • Gained access to high quality exploration acreage on ground floor terms through public bid rounds.
  • Acquired licenses with 100% working interest based on careful technical screening enabling efficient early investment and rapid execution of work programmes.
  • First class operating capability enabling all work to be performed “in house” and making best use of modern technology.
  • High grading of the drilling inventory leading to the rapid de-risking of the acreage.
  • Clear commercial focus to execute strategic farm outs at the right time for business reasons rather than funding imperatives.
  • Retained material working interests and operatorship interests to control of the pace of investment enabling short life cycles from discovery to first oil.
  • Trades on strong relations with EGPC, EGAS, GANOUPE and the Ministry based on the proven track record in country and delivering value to all stakeholders.
  • 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.