North West Gemsa
The North West Gemsa block was awarded to Vegas through an EGPC licensing round. Vegas was the sole participant and operator in 2003
- Vegas farmed out a 37.5% interest to Premier Oil in May 2004
- In May 2007, Vegas re-acquired a 27.5% interest from Premier Oil.
- In January 2008, Vegas reduced its interest 50% via a 40% farm-out to Circle Oil
- In July 2009, Premier Oil sold its 10% interest to Sea Dragon Energy
The first well drilled by Vegas on the license was the Al Amir-1 well in 2004. This well discovered a heavy oil accumulation in the South Gharib formation. A further 3 wells were drilled in 2005.
A significant discovery was made in the next well in November 2008. The Al Amir SE-1 sidetrack penetrated what proved to be the main commercial reservoir. First oil was delivered in February 2009 through leased early production facilities. This discovery was followed up with the Geyad field discovery in 2009 and the Al Ola extension to Al Amir SE in 2010. In March 2010, the Company formed a Joint Venture operating company with EGPC to manage the fields, as required under the concession agreement.
In total the Company made 5 discoveries on this license resulting in 3 development leases. Due to the scale of the resources, permanent facilities were installed with 20,000 b/d plant capacity. The fields are produced using water injection and artificial lift. Gas export was brought on stream in February 2013.
In 2012, Vegas commissioned a Competent Persons Report (CPR) which was performed by Ryder Scott. The report covered the NWG Concession which includes the 3 development leases of Al Amir SE, Geyad and Al-Ola. The report incorporated wells up to Al Amir SE-8, Geyad-5 and Al-Ola-2. The report predated the commissioning of the full field water flood. The report estimated 2P reserves of 59.4mmboe (29.7mmboe net to Vegas) remaining as of the report date of 31st December 2011.