Vegas Oil & Gas S.A. is one of the largest E&P companies operating in Egypt.
Its subsidiary, Kriti Oil & Gas, is operator of oil & gas assets in Egypt since 1990.
It is a company committed to achieving both financial excellence and technological innovation through the pursuit of strategically defined operational goals and with a view to sustainable development.
It has successfully introduced a new exploration concept applied in the Eastern Desert.
Vegas Oil & Gas participates in six concessions in Egypt.
East Alamein Concession (Western Desert)
Kriti Oil & Gas acquired 100% of East Alamein Concession (Horus Field) in 1990. Kriti Oil & Gas (a subsidiary of Vegas) is the operator with 65% participating interest. Current production of this mature oil field is 1,800 bopd. PICO is the other partner with 35% participating interest.
North West Gemsa Concession (Eastern Desert)
North West Gemsa original area of 600 Km2 was assigned to Vegas (100%) in 2003 after a bid round. Vegas is the operator with 50% participating interest. Oil production begun in February 2009 and only a year later reached a level of 9,200 bopd from 6 wells. Other partners are Circle Oil (40%) and Sea Dragon Energy (10%).
Alam El Shawish West Concession (Western Desert)
Alam El Shawish West original area of 1,025 Km2 was awarded to Vegas as operator (100%) at a bid round in 2005. Vegas currently has a 35% participating interest. The operator is Shell with 40% and the other partner is GDF SUEZ with 25%. Current production is 6,200bpd (oil and condensate) and 100mmscfd.
East Ghazalat Concession (Western Desert)
East Ghazalat original area of 858 Km2 was awarded to Vegas (100%) at a bid round in 2007. Vegas is the operator with 50% participating interest and TransGlobe has the other 50%. The company has already drilled a series of exploration wells and made three discoveries. A development lease was approved in 2011 and beginning of production is expected within 2012. Following a recent portfolio review, Vegas has decided that its interest in East Ghazalat is non-core to its long-term strategic aims. Vegas has engaged FirstEnergy Capital LLP as its financial advisor for the sale of its entire operated interest in the East Ghazalat Concession, which includes both near term production and significant exploration upside. For more information please refer to FirstEnergy.
West Obayed Concession (Western Desert)
Vegas West Obayed Limited (a subsidiary of Vegas) signed an agreement to purchase 70% of West Obayed area of 1,841 Km2 in December 2010. Vegas became the operator in October 2011, when the transaction was formally approved by the Egyptian authorities. Hellenic Petroleum is the other partner with 30% participating interest. There are plans to drill two exploration wells in 2012.
East Lagia Concession (Sinai Peninsula)
Egypt General Petroleum Corporation (EGPC) has notified Vegas Oil & Gas that it is the successful bidder on Block 11 (East Lagia) from the 2011-2012 licensing round. The new concession is expected to be formally awarded to Vegas in 2013 following the ratification process by the People`s Assembly (Parliament). The block covers an area of 2,989 km2 in the Sinai Peninsula. Vegas will be the Operator of the concession with 100% working interest.