The East Alamein Concession was acquired by Kriti Oil and Gas with a 100% working interest in 1990. Kriti subsequently farmed out a 35% working interest to Pico Offshore Shukheir Petroleum Company Ltd in May 2007 and remained the operator. Vegas has been managing field activities since becoming established in Egypt in 2003. In 2011-2012, Vegas acquired 92.5% of the shares in Kriti.
The Horus field has been worked extensively in the last few years with the acquisition of a new 3D seismic survey, followed by an infill drilling campaign and 3 new exploration wells. More than 44 successful work overs have been performed in addition to 6 acid frac jobs resulting in significant production gains.
The Horus field is mature and has been on production since 1985. The field currently produces around 1700 b/d from four main reservoir units: the Abu Roash “G” Dolomite; and the Upper, Middle and Lower Bahariya sands. The AR-G contains the majority of the remaining reserves.
The Horus Field Development Lease expired on 27 March 2014.