His Excellency Eng. Sameh Fahmy Minister of Petroleum has signed the first two concession agreements entered by EGAS in a remarkable event on the 7th of June 2004.

Both concessions are located in offshore area in the Mediterranean Sea. The first agreement with IEOC and Kufpec in Tinah, the second agreement with IEOC in the West Baltim area.

The contractor’s minimum obligations of these two agreements will be $ 36.5 mm to drill 8 wells and acquire seismic surveys.