2011 SAHARA NORTH BAHARIYA AND SAHARA OIL & GAS OPPORTUNITY Proposals Due: October 26, 2011

Sahara North Bahariya and Sahara Oil and Gas ("Companies") have jointly engaged Scotia Waterous to assist in the divesture of their respective assets in the Western Desert, Egypt. The proposed divestiture includes operated interests in the following two concessions. The Companies have agreed to jointly market these assets, though a buyer will have to conclude separate transactions with each of the companies.  

OFFERING OVERVIEW

North Bahariya

• 50% WI in the North Bahariya Concession which includes the producing Ferdaus, Abrar, Ganna, Rawda and Rayan Fields.
• North Bahariya will be a corporate sale and offers are being sought for 100% of the share capital in the Sahara North Bahariya company

West Qarun

• 100% WI in the West Qarun Concession, which includes the producing West Qarun field
• The West Qarun Concession will be sold as an asset sale with the re-assignment of the interest to the new buyer

TRANSACTION PROCESS

Interested parties for the Offering will be required to execute the Confidentiality Agreement (“CA”) and fax/email it to Scotia Waterous London offices (+44 20 7826 5791) for the attention of Bill Hancock (Bill.Hancock@scotiabank.com).  Three signed, final hard copy originals of each CA should also be sent to Bill Hancock in the London office. On receipt of the signed CA, access will be granted to the Intralinks online VDR which will include a copy of the confidential IM. A hard copy IM will also be dispatched along with an additional data DVD. In addition to the virtual data, a physical data room containing seismic work stations running Petrel will be available at Scotia Waterous’ offices in London.

CONTACTS