New Oil Discovery – SafwaNW1 East Ghazalat, Western Desert, Egypt

Operator Vegas Oil & Gas is pleased to announce that oil was recovered on test from Safwa NW-1, its latest exploration well in the East Ghazalat concession in the Eastern Desert of Egypt. Wireline logs across the Lower Bahariya Formation confirmed approximately 30ft of net producible oil-bearing reservoir with an average porosity exceeding 20 per cent. A 14ft interval was perforated and tested at a rate of 250 barrels/day of light oil of 34o API, and the well is currently suspended awaiting a full test.

Safwa NW-1 was the fourth well and the second discovery in the exploration drilling programme conducted by operator Vegas Oil & Gas in partnership with Canadian independent TransGlobe Energy Corporation. A fifth well will be spud before the end of the month.

Commenting on the discovery, Vegas CEO Dr Michael Earle said “This is our first drilling campaign in the concession and we are delighted to have made a second discovery. Additional testing of the reservoir and continued drilling may result in a commercial development.”