Beach Egypt Sale Blocked

Australian independent Beach Energy will not be departing Egypt just yet, after the sale of its stakes to Falkland Island focused UK-firm Rockhopper Exploration (RKH) was blocked by one of its two partners in the Abu Sennan concession. Which partner intervened is still not known.

RKH was due to take Beach’s 22% in the concession which Kuwait Energy operates with a 50% stake, while Canadian independent Dover holds the remaining 28% (MEES, 14 August). The deal to buy Beach’s Egypt operations was contingent on the non-exercising of “pre-emptive rights held by existing joint venture parties in relation to the Abu Sennan Concession.” (CONTINUED - 360 WORDS)