Egypt: Beach sale to Rockhopper pre-empted
Issue 309
- 09 Oct 2015
| 1 minute read
The planned sale by Australia’s Beach Energy to Rockhopper Exploration of its Egyptian assets will not go ahead as one of the joint venture parties has exercised its right of pre-emption. UK-based Rockhopper had agreed to buy a 22% non-operated interest in the producing Abu Sennan concession and a 25% non-operated interest in the El Qa’a Plain exploration concession for $22m. “We are clearly disappointed to have been pre-empted on the proposed transaction.
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