Rockhopper acquires non-operating E&P assets in Egypt

Rockhopper Exploration plc (AIM: RKH) has acquired a portfolio of non-operated production and exploration interests in Egypt from Beach Energy Ltd. for a headline consideration of US$22 million.

On completion of the acquisition, Rockhopper will hold a 22% interest in the Abu Sennan concession; and a 25% interest in the El Qa'a Plain concession.

The Abu Sennan concession is located in the Abu Gharadig basin in the Western Desert. The concession was signed in June 2007 with first commercial production achieved during 2012 and cumulative oil production to date of approximately 1.9 million barrels. The concession partners are Kuwait Energy (50% and operator) and Dover Investments (28%).

The El Qa'a Plain concession is located on the eastern shore of the Gulf of Suez and contains a number of oil leads identified on existing 2D seismic data. The concession was signed in January 2014 and the forward plan is to acquire 450 square kilometers of 3D seismic in 2015 followed by the drilling of one or more exploration wells in 2016. The concession partners are Dana Petroleum (37.5% and operator) and Petroceltic (37.5%).

The acquisition is anticipated to be completed in late 2015/early 2016, with consideration adjusted for net cash flow attributable to the assets since the effective date of July 1.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...