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Wednesday, 17 August 2016

Rockhopper completes acquisition of Beach Petroleum Egypt

Rockhopper announced it completed the acquisition of Beach Petroleum Egypt for USD 11.9 mn, according to a statement sent to the London Stock Exchange. Beach Petroleum held a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa’a Plain concession. An agreement was initially reached in August 2015, but the terms had changed as one of the partners exercised pre-emption rights, but the terms were amended last April. Rockhopper also said it is currently evaluating potential opportunities available through the 2016 exploration licensing round. EGPC, EGAS, and Ganope are all issuing E&P tenders for new blocks nationwide this year.

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