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Concession Contract in West Obayed, at the WesternDesert region, of a total area of 1,841 km2. The contract was signed on June 5, 2007 with HELLENIC PETROLEUM (HELPE) being the exclusive concessionaire and operator.
Following an international tender, in December 2010, HELLENIC PETROLEUM (HELPE) transferred 70% of its exploration and production rights in the W. Obayed region to VEGAS West Obayed Limited, which also took over the management of the consortium in accordance with the Co-Management Agreement. This ensures that the Group can continue to participate in research activities with reduced exploration risk and expenses. The Agreement on the transfer of rights to Vegas was approved by the competent Egyptian authorities on October 12, 2011. In 2012, the consortium continued exploration projects fulfilling its contractual obligations under the Concession Agreement and proceeded with the preparation of studies and execution of two drillings.
In October 2014, the consortium (HELPE 30%, VEGAS 70%) executed the last obligatory exploration drilling, which did not produce any positive results. After the refusal of the state company EGPC to renegotiate the term of the Contract’s duration and the executing of additional drilling, the consortium unanimously decided to relinquish from the area (December 5, 2014).