Vegas Oil & Gas taps oil onshore Egypt

oilwell egypt-eric kounce wcVegas Oil & Gas has announced that it has hit oil at a well on the Al Amir SE field onshore Egypt

The Egypt-focused independent firm’s Irish partner Circle Oil said that log analysis from the AASE-18 well, located in the north-western part of the Al Amir SE field, indicated 10 metres of net pay in the Shagar and 9.7 metres of net pay in the Rahmi oil reservoirs. Both zones are reportedly of good quality.

Meanwhile, in the the Geyad field, Vegas Oil & Gas’ Shehab-2 exploration well encountered about 9.1 metres 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.

Following hydraulic fracture stimulation, however, the well failed to flow gas to the surface.

It has now been temporarily abandoned while alternative stimulation options are being considered, Circle Oil said.

The two fields are located in the NW Gemsa concession, about 300km southeast of Cairo and covers about 260 sq km in a partially unexplored area of the Gulf of Suez Basin.

The fields are operated by Vegas Oil & Gas with a 50 per cent interest while Circle Oil holds a 40 per cent stake and Sea Dragon Energy holds the remaining 10 per cent equity.

Paul Welch, chief executive officer of Sea Dragon Energy, said, “The AASE-18 well results were surprising and positive. We can expect another strong producer in this part of the field as it extends towards the south east.

“Initial results from the Shehab-2 exploration well were not as hoped but given the thick hydrocarbon bearing interval encountered in the Rudies limestone, potential remains.”

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