Petrogas E&P recently acquired 30% equity in Area A block in Egypt. The block comprises of 2 exploration concessions and 4 development leases situated onshore along the western flank of Gulf of Suez, Egypt. Oil Search is the operator of the block with 70%. The block comprises of matured fields and exploratory prospects. Reservoirs in these producing fields are mainly in the Tertiary, whilst ongoing exploration is largely targeted at deeper Cretaceous objectives. Petrogas farmed into the contract by picking up 30% stake of Oil search. It is a service contract with GPC, Egypt whereby the contractor is paid a service fee against incremental production above a designated baseline.