East Lagia Concession Agreement signed
His Excellency the Minister of Petroleum and Vegas Oil & Gas signed the East Lagia Concession Agreement at an official signing ceremony held on 7th November, 2013. The block was offered in the 2011 EGPC bid round and the bid of Vegas was accepted in November, 2012.
The East Lagia concession is located onshore in the Sinai peninsula and covers an area of 2,989 km2. Vegas will be the operator with a 100% working interest and this addition brings the total number of its concessions to six, five of which are operated.
The East Lagia Concession Agreement provides for an exploration period of total seven years in three phases. During these seven years Vegas will invest at least 11 million USD in seismic & other surveys and drilling of exploratory wells.