Project Profile
Value: Undisclosed
Location: Western Dessert, Egypt
Start-up Year: 2012
Area: 858 Km2
East Ghazalat original area of 858 Km2 was awarded to Vegas (100%) at a bid round in 2007. Vegas is the operator with 50% participating interest and TransGlobe has the other 50%. The company has already drilled a series of exploration wells and made three discoveries. A development lease was approved in 2011 and beginning of production is expected within 2012. Following a recent portfolio review, Vegas has decided that its interest in East Ghazalat is non-core to its long-term strategic aims. Vegas has engaged FirstEnergy Capital LLP as its financial advisor for the sale of its entire operated interest in the East Ghazalat Concession, which includes both near term production and significant exploration upside.
Operators:
North Petroleum International: Operator with 50% participating interest
Joint venture of Nostra Terra Oil & Gas & Independent Resources: 50% working interest