MENA Completes Stake Acquisition Offshore Egypt

MENA has received co-venturer approval to acquire a 55% interest in the West Mediterranean Block 1, Segment A, located about 37 miles (60 kilometers) off the Mediterranean coast of Egypt. It is proposed that the acquisition be completed by an indirect wholly-owned subsidiary of MENA. Hess Egypt West Mediterranean Limited, current operator of the block, signed the contract with MENA on May 31, 2011.

MENA intends to seek appointment as operator following approval from the Egyptian General Petroleum Corporation and the Egyptian Government, and the completion of other customary closing conditions. The lease governing the block is valid for 20 years from the date of first gas deliveries, with an optional five-year extension. The operator announced that five gas or gas-condensate discoveries have been made on the block. 

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