In December 2019 in Cairo Zarubezhneft JCS, the ​Ministry of Petroleum and Mineral Resources of Egypt, Egyptian state Ganoub El Wadi Petroleum Holding Company and Pacific Oil Limited signed the PSA (production sharing agreement) for the licensed blocks SEREU (South East Ras El Ush) and EGZ (Easet Gebel El Zeit).

The blocks are located on the shelf of the Suez Canal within 10 km of each other. Estimated resources are more than 200 million barrels. According to the agreement, the parties undertake to invest at least $68 million and drill 5 wells, as well as pay a signing bonus of $2 million.

According to the press statement, Zarubezhneft has planned to drill a test well at the SEREU block and reinterpretate the 2D and 3D seismic done earlier. The company has considered the possibility to attract its own production capacities. In 2020 the parties also planned to drill a test well at the EGZ block within a year, but the exploration campaign has not yet been announced.