Gulf Oil and Gas accountACCOUNT

Aegean Farms-in East Magawish Block in Gulf of Suez

Source: www.gulfoilandgas.com 3/24/2010, Location: Africa

Share |
Aegean Energy, the only operator of Oil & Gas in Greece, announces the Farming-in of its first international exploration license in the Gulf of Suez in Egypt.

Aegean Energy through a farm out agreement acquired 100% of the concession rights of the East Magawish Block from Thani Egypt East Magawish B.V. and assumed the operatorship of the Block.

The agreement has been approved by the competent Authorities in Egypt.

The approval was granted based on Aegean Energy's proven track record as an operator in Greece, and its longstanding presence and operation in traditional touristic destinations demonstrating an excellent environmental record.

The East Magawish Block has recent 3D seismic and the first exploration well is expected to be spudded in 2010.

Mr. Mathios Rigas, President & Managing Director of Aegean Energy commented: “We are excited to have been awarded out first exploration license outside Greece in a country with long history in the upstream sector.”

Aegean Energy in 2009:
- Drilled 2 Extended Reach Drilling (ERD) wells in Greece, including the longest well ever drilled in Greece.

- Brought on stream the Epsilon field, the first new oil field to be developed in Greece for 14 years.

- Increased the company’s production to 4,000 bbl/day from 1,000 one year ago.

- Acquired 2000 Km of 2D seismic offshore Northern Greece and identified new exploration targets in the area.

- Aegean Energy is committed to expand its presence in Greece and internationally through acquisition of assets and strategic co operations. We are seeking to build on the company’s long history and technical expertise, and Egypt is a strategic area for us.

Acquisitions and Divestitures News in Egypt >>

Egypt >>  11/12/2018 - The Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and Chairman of Mubadala Petroleum, Musabbeh Al Kaabi, and the...
Nigeria >>  11/12/2018 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced, through...

United Arab Emirates >>  11/11/2018 - On behalf of the Abu Dhabi government, the Abu Dhabi National Oil Company (ADNOC) has signed an agreement with French oil and gas major Total, grantin...
Canada >>  11/8/2018 - the Canada Newfoundland and Labrador Offshore Petroleum Board announced that BHP has been successful in its bids to acquire a 100% participating inter...

Canada >>  11/7/2018 - Equinor and its partners were the successful bidders for new exploration parcels in the prolific Jeanne d’Arc basin, offshore Newfoundland. ...
Namibia >>  11/7/2018 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce that Tower Resources (Namibia) Limited, a who...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

Oil & Gas Projects in Egypt >>

More News

 

Oil & Gas Companies in Egypt >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.