Project Profile
Value: Undisclosed
Location: Alamein Ridge, onshore the Western Desert
Start-up Year: -
Production: around 1,800 bopd and estimated remaining reserves of 12 Mmbbls
Area: 107 km2
It covers some 107 km2, situated in the oil production province of the Alamein Ridge, onshore the Western Desert. The province contains a well-established pipeline system for the evacuation of oil to El Hamra export terminal, on the Mediterranean coast, some 36 Km to the north.
The field was declared commercial in 1986 by Murphy oil and Ultramer Egypt.
in 1990 the east Alamein concession was acquired by Kriti Oil and Gas who had a 100% working interest. In 2007 a 35% interest was farmed out to Pico Petroleum whilst Kriti Oil and Gas remained operator. Vegas have been managing the field since they became established in the Egyptian industry in 2003. In 2011-2012 the acquisition of 92.5% of the shares in Kriti were purchased by Vegas Oil and Gas. Since 2012 the Horus field has seen 3 new exploration wells, more than 44 work overs, a new 3D seismic survey and 6 frac acid jobs resulting in significant production gains.
The field is mature and has been producing since 1985.
PICO purchased its 35% working interest in 2007 from Kriti Oil and Gas, there is an agreed upon plan to drill 10 additional wells in the period between November of 2007 and August 2008 bringing production up to 5,544 in that year.
Current production is around 1,700 bopd and estimated remaining reserves of 12 Mmbbls.
Vegas Oil and Gas: Operator with 65% participating interest
PICO Gemsa: 35% working interest