Some exploration rights sold

Hellenic Petroleum (ELPE) said yesterday it has sold part of its hydrocarbon exploration and production rights in the West Obayed area of Egypt’s Western Desert to Vegas Oil & Gas. The two companies will set up a joint venture in which Hellenic Petroleum will hold a 30 percent stake and will be managed by Vegas. The venture will continue to conduct research in West Obayed and will carry out two more drills by June 2012, ELPE added.