Projects
A track record across Egypt and beyond.
From concession evaluation and licensing to operated exploration, field development and strategic asset transactions, the Goura Group's project portfolio reflects decades of technical expertise, commercial judgement and disciplined investment across Egypt's principal hydrocarbon provinces.
A Track Record Across Egypt and Beyond
From international trading to upstream exploration
Goura's upstream journey grew naturally from its earlier experience in international crude oil trading. Through its predecessor companies, Alexoil S.A. and Delta Service, the Group participated in international Iraqi crude oil transactions conducted under the United Nations Oil-for-Food Programme, building practical experience across crude oil markets, international counterparties, commercial negotiations, logistics, financing and risk management.
Across these activities, Alexoil and Delta Service accumulated approximately 16.3 million barrels of crude oil exports, providing the Group with a substantial foundation in international energy commerce and a network of relationships across Europe, the Middle East and North America.
This trading experience became an important foundation for the Group's subsequent move upstream. It provided not only commercial knowledge of crude oil markets, but also a broader understanding of the factors that determine the value and viability of energy assets — from resource quality and transportation to market access, financing, counterparties and commercial structures.
Strategic Origins
The decision to enter exploration
By 2002, while its international trading activities were still active, Goura had begun assessing Egypt as a strategic platform for entering the exploration and production sector. The Group undertook an early evaluation of Egypt's exploration landscape, including available acreage, geological and geophysical information, licensing opportunities and potential routes to participation.
At the same time, the increasingly uncertain geopolitical environment surrounding Iraq was becoming an important consideration for the future of international trading activities. Drawing on close relationships with banking institutions and clients across Europe and the United States, Sherif, one of the owners and CEO of Alexoil S.A., anticipated that military conflict would significantly disrupt the Iraqi trading environment.
The strategic decision was therefore taken in early 2003 to relocate Alexoil's activities to Egypt and accelerate the Group's transition toward oil exploration and production.
The move was not a departure from Goura's trading heritage. It was an extension of it: from understanding and trading the value of crude oil to participating in the exploration and development of the resources themselves.
Building a Method
From opportunity identification to upstream participation
Following the relocation of Alexoil's activities to Egypt, the Group participated in international bid rounds for exploration rights and developed a systematic approach to identifying and evaluating prospective opportunities.
Alexoil invested in geological and geophysical studies and reviewed seismic data, well logs and other technical information relating to exploration areas offered by the Egyptian General Petroleum Corporation (EGPC). These technical assessments were complemented by economic, commercial and strategic studies designed to evaluate exploration potential, investment requirements, risk and long-term commercial viability.
Selected opportunities were then presented to international energy companies as potential partnership and investment opportunities. This approach enabled Goura to originate opportunities, structure strategic relationships and convert integrated technical and commercial analysis into participation in upstream exploration ventures.
This capability became a defining feature of Goura's upstream development and subsequently contributed to the Group's participation in a number of Egyptian exploration opportunities, including East Kanayis, North Lagia and North Hurghada.
Ongoing
Current operations
Wadi Dib Concession Area — Gulf of Suez
In 2026, through its affiliated operating company, Phoenix Geo Services, the Goura Group acquired a 100% participating interest in the Wadi Dib Concession Area and serves as the Operator under the concession agreement. Following execution of the concession agreement and formal handover of the concession area, Phoenix commenced an integrated exploration programme focused on maturing exploration prospects for future drilling. The programme combines seismic data reprocessing, geological interpretation, geophysical analysis and comprehensive prospect evaluation to support future exploration activities and potential field development. As Goura's current flagship upstream project, Wadi Dib reflects the Group's continued commitment to disciplined technical evaluation, responsible exploration management and the creation of long-term value through the development of high-potential exploration opportunities.
Notable Achievements
Discoveries and developed assets
Northwest October (NWO) Concession — Offshore Gulf of Suez
One of Goura Oil's significant exploration achievements was its participation in the Northwest October (NWO) Concession through its interest in Alexoil S.A. Ltd. (BVI), alongside the Arabian Oil Company (AOC) of Japan. The exploration programme resulted in the successful NWO-1 oil discovery, which tested approximately 5,200 barrels of oil per day of 28–32° API crude from the Nukhul and Thebes formations. The discovery formed the basis for subsequent field development, with anticipated production of approximately 6,000 barrels of oil per day. Following successful project maturation, the Group and its partner completed the strategic assignment of their total participating interests in 2013 to a British energy company. The transaction demonstrated Goura's disciplined approach to portfolio management and its ability to realise value through timely strategic decision-making while maintaining a clear focus on identifying and advancing high-potential exploration opportunities.
East Kanayis Block — Western Desert
The East Kanayis Block represents another important milestone in Goura Oil's exploration track record through its participation with Burren Energy Plc (United Kingdom). Goura contributed to the geological, technical and commercial evaluation of the block, supporting the advancement of the project through the exploration and appraisal phases. The exploration programme resulted in three commercial oil and gas discoveries. The concession subsequently progressed into a producing oil and gas asset comprising three Development Leases, each granted for a 25-year development and production term, confirming the long-term prospectivity and commercial value of the concession. The project reflects the importance of rigorous technical evaluation during the early stages of exploration and demonstrates Goura's capability to identify commercially viable upstream opportunities and contribute to their successful development.
Historical
Concessions & strategic agreements
South Zeit Bay (SZB) Concession — Gulf of Suez
Through Alexoil S.A. (Switzerland), the Goura Group acquired a 100% participating interest in the South Zeit Bay Concession under a concession agreement with the Egyptian General Petroleum Corporation (EGPC), serving as the Operator throughout the exploration programme. The Company fulfilled a USD 9 million exploration commitment, including the acquisition of approximately 120 km² of 3D seismic data and the drilling of one exploration well. The programme provided Goura with valuable operational experience in concession management, exploration drilling, subsurface evaluation, regulatory compliance and the execution of complex upstream exploration activities. Although the technical evaluation and drilling results ultimately supported relinquishment of the concession, the project represented an important stage in Goura's operational development. It reinforced the Company's commitment to disciplined exploration risk assessment, objective technical decision-making and responsible long-term upstream investment.
Strategic Partnership with Burren Energy Plc
Goura originated and conducted comprehensive technical and commercial evaluations of exploration opportunities offered through Egyptian bid rounds and structured participation opportunities that formed the basis of a strategic partnership with Burren Energy Plc (United Kingdom). The partnership included participation in three Egyptian exploration areas: East Kanayis Block (Western Desert), North Lagia Block (Eastern Desert), and North Hurghada Offshore Block (Gulf of Suez). The collaboration demonstrated Goura's ability to originate upstream opportunities, build strategic international partnerships and integrate geological, technical, commercial and financial expertise in support of exploration ventures.
North Lagia Concession — Eastern Desert
During the 2003 Egyptian International Bid Round, Goura conducted a comprehensive technical and commercial evaluation of exploration blocks offered by EGPC. Following an integrated assessment of the available opportunities, Goura identified the North Lagia Block as a preferred exploration opportunity and, in partnership with Burren Energy Plc, submitted a successful joint bid under a Joint Operating Agreement. As part of its commitment to the project, Goura financed the bid bond and the technical studies required to support the bid, including geological, geophysical, economic and commercial evaluations. Following the successful bid, the Concession Agreement progressed through Egypt's legislative approval process, was enacted by the People's Assembly and received Presidential approval. Although the concession agreement was ultimately not executed due to commercial circumstances arising during the final stages of negotiations between the participating parties, the project demonstrated Goura's capability to identify, evaluate, finance and advance high-potential exploration opportunities through disciplined technical analysis, commercial assessment and effective partnership development.
North Hurghada Offshore Concession — Gulf of Suez
The North Hurghada Offshore Concession was awarded in 2005 to the partnership between Burren Energy Plc and Goura following a successful competitive bidding process. Goura contributed to the technical and commercial evaluation of the opportunity, including seismic data interpretation, geological assessment, exploration programme evaluation, commercial analysis, and bid strategy and financial evaluation. Following the concession award, the partnership advanced the exploration opportunity within the approved concession framework. In 2011, the concession was relinquished due to tourism-related considerations affecting the area. The decision reflected broader regional development priorities and competing economic interests rather than exploration performance or the technical assessment of the acreage. The North Hurghada experience demonstrates Goura's ability to originate exploration opportunities, structure strategic partnerships, compete successfully for exploration acreage and manage complex factors influencing upstream investment decisions.
From Opportunity to Asset
Two decades across the upstream investment cycle
Across more than two decades of exploration activity, Goura has developed experience across the principal stages of the upstream investment cycle:
Opportunity Origination
Identifying prospective acreage and creating participation opportunities through technical and commercial evaluation.
Concession Evaluation & Licensing
Assessing bid-round opportunities, concession terms, exploration commitments and commercial structures.
Subsurface & Prospect Evaluation
Integrating geological, geophysical, seismic and well data to assess exploration potential.
Exploration & Drilling
Participating in and operating exploration programmes, including seismic acquisition, drilling and subsurface evaluation.
Discovery & Development
Supporting the progression of commercial discoveries toward development and production.
Partnership & Investment Structuring
Building relationships and participation arrangements with international energy companies.
Portfolio Management
Evaluating strategic alternatives, including asset transactions, assignment and relinquishment where appropriate.
Looking Ahead
A track record that informs the future
Goura's exploration history represents more than a collection of concessions and transactions. It reflects a consistent method of identifying opportunity, applying rigorous technical and commercial judgement, managing exploration risk and pursuing value through the appropriate stage of an asset's lifecycle.
From the Group's early assessment of Egypt's exploration potential in 2002, through its formal transition into upstream activities in 2003, subsequent exploration participation and discoveries, and ultimately to its current operated position at Wadi Dib, Goura's journey has been defined by a measured progression from opportunity identification to direct upstream participation.
Today, that experience provides the foundation for the Group's next phase of growth, combining commercial insight, technical capability and regional knowledge to identify and develop energy opportunities across Egypt and the wider MENA region.