Beach Sells Egypt Stakes

Falkland Island focused UK-firm Rockhopper Exploration (RKH) has announced that it will be purchasing Australian independent Beach Energy’s stakes in two concessions in Egypt in a deal worth $22mn.

RKH will take a 22% stake in the Abu Sennan concession, currently operated by Kuwait Energy which has a 50% stake, while Canadian independent Dover holds the remaining 28%. It is located in the Abu Gharadig basin in the Western Desert. Here output has ramped up rapidly to around 3,000 b/d, from 1,000 b/d for 2013 and first gas is expected from the El Salmiya field in the coming months.

RKH says the concession “remains underexplored” and hopes “significant exploration and appraisal” will provide “opportunities for near-term production additions.” (CONTINUED - 333 WORDS)