Beach Petroleum reports that it has entered into an agreement with Santos Egypt Pty Ltd under which, subject to waiver of pre-emptive rights by the Egyptian General Petroleum Corporation and the approval of the Government of the Arab Republic of Egypt. Beach will acquire, via a farmin arrangement, a 20% interest in the South East July concession, in the Gulf of Suez, offshore Egypt.
The South East July concession is currently held 100% by Santos and contains several attractive oil prospects, one of which will be evaluated by the July South-1 exploration well in the fourth quarter of 2008.
Beach has also agreed to acquire Santos Egypt's 25% interest in the onshore North Qarun concession, located close to Cairo in the Gindi Basin of the Western Desert. The agreement is subject to entry into formal documentation, waiver of pre-emptive rights by the Egyptian General Petroleum Corporation and other joint venture parties, and the approval of the Government of the Arab Republic of Egypt.
The acquisition of these concessions is a result of Beach's efforts to expand its exploration program internationally to give the company exposure to projects which have the potential to make material additions to its reserve base. This work has resulted in the identification of several opportunities in Egypt (in addition to South East July and North Qarun) which are currently under evaluation.
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