UK-based Rockhopper Exploration has agreed to buy Australian operator Beach Energy’s wholly owned subsidiary Beach Petroleum Egypt, whose core asset is a 22% stake in the Abu Sennan Concession in Egypt. The cost will be up to US $22m (subject to adjustments) comprising $11.5m cash, with the balance to be made up of Rockhopper shares. The share component will be limited to no more than 5% of Rockhopper’s issued capital.
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