Beach Energy will acquire a stake in two highly prospective Egyptian onshore concessions, which will give it exposure to new oil exploration opportunities.
Beach will gain a 22% stake in the Abu Sennan Concession in the Western Desert and a 15% interest in the Mesaha Area Concession in southern Egypt, valued at a total of up to $33m over the next two years.
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The new concessions, including an undeveloped oil discovery, add to Beach’s existing North Shadwan and South East July concessions in Egypt.
The Abu Sennan concession covers about 1,600km² and 3D seismic has recently been acquired over the entire permit.
The block contains many attractive oil prospects, each with multiple target reservoirs and at least four prospects will be drilled in the 2011 financial year.
Simultaneously, the firm will obtain approval from Egyptian regulatory authorities for a further ten wells.
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By GlobalData
