Production from the AASE, Geyad and Al Ola fields, in Egypt’s North Gemsa Concession, is approximately 9,100 BOPD (gross) varying to date in August 2012 within the range 9,000-10,000 BOPD. Cumulative production from the NW Gemsa Concession has now exceeded 8.9 million barrels of 42 degree API Crude oil. Water is currently being injected at a rate of approximately 22,000 barrels per day, with a cumulative injection to date of approximately 5.4 million barrels.
The NW Gemsa Concession, containing the Al Amir, Geyad and Al OIa Development Leases, covering an area of over 260 square kilometres, lies approximately 300 kilometres south-east of Cairo in a partially unexplored area of the Gulf of Suez Basin.
In the event of other commercial discoveries, the concession agreement includes the right of conversion to a production licence of 20 years plus extensions. 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).