Independent oil and gas exploration and production company Apex International Energy has signed two agreements to acquire concessions covering 1.7 million acres in the Abu Gharadig Basin in Egypt's Western Desert.

The concessions encompass the West Badr el Din, which covers 4,180km², and the 2,535km² South East Meleiha.

Both blocks were secured following bidding conducted by the Egyptian General Petroleum (EGPC) last year.

Apex International Energy Egypt deputy general manager and exploration manager Raed Saba said: "These blocks provide promising opportunities for value creation in the Western Desert, where we have extensive experience and look forward to building a long-term presence. 

“We are eager to get started on drilling wells to maximise the full potential of these blocks, while pursuing additional opportunities to grow our business in Egypt."

"We are eager to get started on drilling wells to maximise the full potential of these blocks, while pursuing additional opportunities to grow our business in Egypt."

During the first phase of exploration, Apex will invest at least $27.4m to conduct detailed geological studies, as well as acquire and process 3D seismic and drill exploratory wells.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Apex International Energy founder and CEO Roger Plank said: "We thank Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, for his support during this transaction and for encouraging investments like ours in Egypt's attractive oil and gas market."

The company is backed by private equity firm Warburg Pincus and intends to establish an exploration and production business through asset acquisitions and investments in drilling, infrastructure and production enhancement.

It is additionally focused on farm-ins and new concession bid rounds to boost acreage.