History

History

Vegas has enjoyed a 25 year history of participation and success in the onshore Egyptian upstream sector. Vegas began its involvement in Egypt, in 1990 through Kriti Oil & Gas, an affiliate company. Kriti acquired an operating interest in 1990 and managed production operations until final relinquishment in February 2014.

Vegas, as a brand, became active in 2003 upon opening a branch office in Cairo to explore a new concession, success in which led to the award of three development leases. Commercial discovery was declared in November 2008 and first oil exported in February 2009.

Since 2003, Vegas have developed the business by acquiring additional exploration concessions in Egypt via licensing rounds. Vegas have drilled some 75 wells as operator of which 24 have been exploration wells and the remainder appraisal and development wells. A total of 14 discoveries have been made in four different concessions resulting in 10 different development leases on aggregate. This success has yielded a total 2P reserves base of 445 million barrels oil equivalent. The 2013 exit production rates were 15,340 barrels per day liquids and 71.3 million standard cubic feet per day gas.

The company’s corporate culture is now focused on business growth and the pursuit of new business opportunities. Vegas continues to operate the exploration license of East Lagia in Egypt and the exploration asset of Brookshire Salt Dome in Texas (USA) through its 35% shareholding in Motor Oil Vegas Upstream Limited.

Timeline of Key Events