PPPE's primary asset is a hydrocarbons exploration and production license for Block-3 West Kom Ombo. The WKO block is located in the relatively under-explored Nubian Desert in Upper Egypt, an it consists of the entire remaining acreage from the Kom Ombo-Kharit Basin.
Earlier this month, PPPE entered into a preliminary farm-in agreement with Groundstar Resources. Subject to the execution of formal documents within 45 days thereafter, Groundstar had committed to absorb 75% of all capital expenditure in WKO up to the maximum amount of US $7 million, in order to earn an undivided interest of 42.5% in WKO. During the course of preparing the said formal documentation, Groundstar and PPPE have agreed that Groundstar shall absorb 100% of the foregoing expenditure limit, and earn and undivided interest of 60% in WKO.
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