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.