Chinese independent UEG has completed the $150mn purchase of Houston-based Apex International Energy, which has 10,600 boe/d (90%+ oil) of working interest output in Egypt’s Western Desert. UEG’s center of gravity has been increasingly shifting to Iraq in recent years, but the acquisition reaffirms the company’s continued commitment to Egypt.
“The Board is pleased to announce that all the conditions precedent to completion under the SPA have been fulfilled or duly waived in accordance with the terms of the SPA and that completion of the acquisition of all the shares in Apex International Energy Holdings I took place on 14 October 2025,” UEG says. (CONTINUED - 322 WORDS)