North West Sitra
The North West Sitra concession (100% working interest) was ratified January 8th, 2015.
The 1,946 square kilometer (480,850 acre) North West Sitra concession is located in the Western Desert immediately west of the company's South Ghazalat concession in the prolific Abu Gharadig basin. The Company has committed to acquire a minimum of 300 square kilometers of 3-D seismic and drill two exploration wells in the first exploration phase.
The concession has a 7 year exploration term and is comprised of two 3.5 year (42 month) exploration phases. The new concession provides for the approval of 20 year development leases on commercial discoveries.