Beach Petroleum reports that it has entered into an agreement with Tri-Ocean Energy Company under which, subject to the approval of the Government of the Arab Republic of Egypt, Beach will acquire a 20% interest in the North Shadwan Concession in the Gulf of Suez at a cost of US $110 million. Completion of the agreement is also subject to the waiver of pre-emptive rights by another Joint Venture party and the Egyptian General Petroleum Corporation.
The concession contains three undeveloped oil discoveries with Proved and Probable recoverable reserves of approximately 40 million barrels. Several attractive oil exploration prospects are also identified.
It is expected that waiver of pre-emptive rights will take up to two months to be resolved and government approvals up to a further 4 months.. Further information on the concession will be provided in the event that the transaction is completed. If completed, the acquisition of the interest in the North Shadwan concession will complement the farmins to the South East July and North Qarun concessions announced last week and is a further step in building Beach's portfolio in Egypt as part of an overall material expansion of its suite of exploration and production assets.
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