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Beach to share in Gulf of Suez development

12/01/2008
Beach Petroleum NL, Adelaide, has received ministerial approval to acquire from Tri-Ocean Energy a 20% interest in the North Shadwan oil concession in the Gulf of Suez.Beach will pay $110 million for the share, and Tri-Ocean will retain a 30% interest.BP Exploration (Delta) is operator of North Shadwan, which contains three undeveloped oil discoveries along with several attractive exploration prospects.The government also approved development of the field. First production is scheduled for 2009. Appraisal drilling is under way on the NS394-1A Burtocal discovery well, which found oil in late 2007 when it penetrated a thick oil column in the regionally prolific Nubia formation reservoir.Bur...
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