Overview of Country and Country Permits
Egypt is largely sufficient in oil and gas production with well-proven hydrocarbon areas and good exploration success rates. Significant areas still remain to be explored.
The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covers an area of over 264 square kilometres, and lies approximately 300 kilometres south of Cairo. It is contained within a large basin that has an area of approximately 19,000 square kilometres and is considered as the most prolific oil province rift basin in Africa and the Middle East.
The Gulf of Suez runs in a northwest to southeast direction and forms an elongated graben measuring 320 kms in length. It is bounded by two major sets of marginal faults. Reservoirs range from Pre-Cambrian to Quaternary Age.
The NW Gemsa concession agreement includes the right of conversion to a production licence of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).
To date the partnership has discovered and put into production two fields; Geyad and Al-Amir SE, which are now being fully appraised and developed for long term production.