Project Profile
Location: Western Dessert, Egypt
Area: 1,841 Km2
Licence relinquishment: December 2014
Vegas West Obayed Limited (a subsidiary of Vegas) signed an agreement to purchase 70% of West Obayed area of 1,841 Km2 in December 2010. Vegas became the operator in October 2011, when the transaction was formally approved by the Egyptian authorities. Hellenic Petroleum is the other partner with 30% participating interest. There are plans to drill two exploration wells in 2012.
Vegas WO drilled three wells in the concession with no commercial discoveries made. Vegas and Hellenic relinquished the concession in December 2014.
Operators:
Vegas West Obayed (VWO) : Operator with 70% participating interest
Hellenic Petroleum: 30% working interest