Egypt East Lagia
Vegas Oil & Gas is farming out 35% WI on East Lagia block, with Cretaceous and Paleozoic prospects and leads, to explore and develop the licence. The block is located nearby the Sudr and Asl producing oilfields and GPC onshore Plant with available ullage reducing overall development cost. Available 768kms if 2D seismic acquired and processed in 2019 and 509kms old 2D seismic lines reproecessed in 2019.
Within 2021 at least another 120 km2 of 3D seismic will be acquired and one exploration well will be drilled.
The Concession is currently in the second exploration phase which expires in March 2023. However all financial commitments of the current exploration phase have already been fulfilled. In addition, there is a third exploration phase of another 2 years should the company decide to use it.