Mid-January 2020, industry sources reported that Vegas Oil & Gas (Vegas) was looking for a partner to further explore its 2,991 sq km East Lagia block located in the onshore northern area of the Gulf of Suez within the Sinai Peninsula (Sinai Platform and Gulf of Suez Basin). Vegas holds 100% working interest in the block whose first exploration phase will expire on 21 March 2020. Vegas will enter the second phase, extending for three years, having already fulfilled financial commitments of both the first and second phases.  According to the company, the block includes significant prospect and lead inventory with potential for large prospective resources in multiple plays. The main reservoir targets are the Pre-Miocene Nubia Sandstone units in the southwest area and primarily the Intra Paleozoic Sandstone in the northern area. Multiple mature source rocks are assumed in the Eocene, Cretaceous and Paleozoic units.  The subsurface evaluation is based on 768 km of 2D seismic acquired and processed in 2019 in addition to 509 km of old 2D data reprocessed in 2019.  Location of the block in the vicinity of the Sudr and Asl producing oil fields and the GPC onshore plant is expected to reduce potential development costs.  Transaction process  Vegas intends to market up to 35% participation interest. Upon execution of a confidentiality agreement, Vegas will provide interested parties with access to further relevant information, including information in respect of the bidding process and possible access to the data room. The data room will be available from 26 January and offers are expected prior to close of business on 31 March 2020.  For further information please contact:  Ahmed Hagras, Promote Energy (Cairo, Egypt)  ahmed.hagras@promote-energy.com  Mobile: +20 122 312 7157
Vegas Oil & Gas (Vegas) was looking for a partner to further explore its 2,991 sq km East Lagia block located in the onshore northern area of the Gulf of Suez within the Sinai Peninsula (Sinai Platform and Gulf of Suez Basin). 