Revving up: Greek player Vegas
Vegas strikes Egypt jackpot
Greece's Vegas Oil & Gas said today it had made a significant oil find with two wells drilled on an onshore concession in Egypt.
The company said it was flowing over 9000 barrels per day from the discovery, and has begun production from one of the wells.
Vegas general manager Adam Vavourakis told Reuters that one of the wells was producing around 1400 bpd after production began several days ago in the North-West Gemsa concession south-east of Cairo near the Gulf of Suez.
That level could be increased once a pipeline is ready, expected within days.
Vavourakis said one of the wells, Amir Southeast-1, was tested at 3400 bpd with 3.8 million cubic feet of gas per day.
The Amir Southeast-2 well was tested at 5800 barrels per day with 7.9 MMcfd of gas, he said.
Egypt's state news agency MENA said the wells had been drilled by the Egyptian-made Mubarak 1 land rig. MENA put the capacity of the second well at 6000 bpd.
Vavourakis said Vegas had also previously found oil in two other wells in the concession, with an expected production rate of 400 bpd each, but they were not in production.