UK-based Rockhopper Exploration PLC has reported the completion of its acquisition of Beach Petroleum (Egypt) Pty. Ltd., the Egyptian subsidiary of Beach Energy Ltd., Adelaide (OGJ Online, Aug. 12, 2015).
Beach Egypt held a 22% interest in the Abu Sennan concession in the Abu Gharadig basin in Egypt’s Western Desert and a 25% interest in the El Qa’a Plain concession on the eastern shore of the Gulf of Suez.
Beach received $22 million made up of $11.5 million in cash and the balance in Rockhopper shares capped at no more than 5% of Rockhopper’s issued capital.
Rockhopper’s purchase is in line with its moves to expand in the greater Mediterranean and North African region. The company also holds interests in the Falkland Islands.
Recent activity on the Abu Sennan concession includes the successful Al Jahraa SE-1X oil exploration well, which intersected 16.4 m of net pay.