Vegas Oil & Gas, which belongs to Vardinogiannis Group,
is among the most active oil companies in Egypt, as it proceeds with a new drilling in the formation of Geyad 3-C.All the necessary preparations for the drilling have been made, while the searching drilling aims for the evaluation of the possibility of production in Kareem formation.
Two formations have been operating in Geyad since March 2009. Geyand -1X ST is capable of a combination of 2809 barrels of oil per day and 3,04 MMscf of gas per day, while Geyad-2 ST is capable of a combination of 3850 barrels of oil per day and 4,62 MMscf of gas per day.
The initial drilling at Geyad 3-C will follow further drilling during the next 18 months in NW Gemsa a total area of 260 square kilometres, located 300km southeast of Cairo. Vegas holds 50% of concession and management, while Circle Oil Plc and Sea Dragon Energy hold 40% and 10% respectively.
Vegas maintains interests in three more concessions in Egypt and especially in Alam El Shawish which is estimated to be one of the most important oil and gas deposits in Western Desert of Egypt, and in the concession East Ghazalat in Western Desert with 50%. It has also bought a 70% stake from Hellenic Petroleum in West Obayed.
