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. (CONTINUED - 333 WORDS)