Gulf Oil and Gas accountACCOUNT

Acquisition of Interest in North Shadwan Concession

Source: www.oilegypt.com 5/30/2008, Location: Africa

Share |
Beach Petroleum reported that it has entered into an agreement with Tri-Ocean Energy Company under which, subject to the approval of the Government of the Arab Republic of Egypt, Beach will acquire a 20% interest in the North Shadwan Concession in the Gulf of Suez at a cost of US$110 million. Completion of the agreement is also subject to the waiver of pre-emptive rights by another Joint Venture party and the Egyptian General Petroleum Corporation.

The concession contains three undeveloped oil discoveries with Proved and Probable recoverable reserves of approximately 40 million barrels. Several attractive oil exploration prospects are also identified.

It is expected that waiver of pre-emptive rights will take up to 2 months to be resolved and government approvals up to a further 4 months. Further information on the concession will be provided in the event that the transaction is completed.

If completed, the acquisition of the interest in the North Shadwan concession will complement the farmins to the South East July and North Qarun concessions announced last week and is a further step in building Beach's portfolio in Egypt as part of an overall material expansion of its suite of exploration and production assets.

Acquisitions and Divestitures News in Egypt >>

Australia >>  5/21/2018 - Santos advises that on 21 May 2018 it received a revised binding, conditional proposal from Harbour Energy Australia Pty Ltd (Harbour) to acquire 100%...
Iran >>  5/21/2018 - Iran has signed a deal with Pergas Consortium, a group of international oil and gas companies based in London, to develop Irans Karanj oilfield in its...

China >>  5/18/2018 - CNOOC Limited announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed two production sharing contracts (PSCs) w...
Iran >>  5/18/2018 - French gas and power group Engie (ENGIE), Polish gas firm PGNiG (PGN) and German lender DZ Bank were the latest companies on Friday to say that their ...

United States >>  5/18/2018 - Rex Energy Corporation, an independent oil and gas exploration and production company, announced that, following its previously announced strategic re...
Norway >>  5/17/2018 - Faroe Petroleum plc, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the...

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 |

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. - Privacy Policy.