Project Profile
Value: US$150 million
Location: NW Gemsa Block, Gulf of Suez
Area: 260 sq km
Production:1,714 barrels of oil per day and 3 million cubic feet of gas per day
Start-up Year: 2013
This discovery will be brought on stream rapidly, as it is situated near the gas pipeline, which transports gas to the South El Manzala gas processing facility. In the the Geyad field, Vegas’ Shehab-2 exploration well encountered about 30 feet of potential gas-bearing sands in the Upper Rudeis limestones and good quality intervals in the Kareem horizon, which were found to be water bearing.
However, following hydraulic fracture stimulation, the well was tested but failed to flow gas to the surface. It has now been temporarily abandoned while alternative stimulation options are being considered. The two fields are located in the NW Gemsa concession, which lies about 300 kilometres southeast of Cairo and covers about 260 square kilometres in a partially unexplored area of the Gulf of Suez basin.
Operators:
Vegas Oil and Gas: Operator with 50% interest
Sea Dragon Energy Inc. (SDX Energy) : 50% interest