Athens-based Vegas Oil & Gas has started commercial oil production at its exploration and production concession in Egypt.
Vegas’ partner in the concession, the UK’s Circle Oil, reported on 2 September that the Al-Amir SE-3 and Geyad-1 wells in the Northwest Gemsa concession have been connected to an Egyptian export pipeline network.
Vegas is now drilling another well at the concession to look for more oil. The Northwest Gemsa concession is about 300 kilometres south of Egypt’s capital, Cairo.
Vegas holds a 50 per cent interest in the concession, while Circle holds a 40 per cent stake. The remaining 10 per cent is held by UK firm Premier Oil.
With the addition of the new wells, the companies are now producing 4,300-4,500 barrels a day of oil from the Northwest Gemsa concession.