Beach Petroleum Continues its Egyptian Acquisition Strategy with the Purchase of a 20% Interest in the North Shadwan Tract

摘要

Nearly a week after acquiring interests of 20% in the South East July concession and 25% in the North Qarun concession from Santos Ltd.(AOG,1 June,2008),the Australian company Beach Petroleum Limited has signed a farm-in agreement with Tri-Ocean Energy for the purchase of a 20% interest in the North Shadwan concession in the Gulf of Suez.Beach Petroleum has agreed to pay 110 million for the holding.The finalization of the agreement is subject to the approval of the Egyptian government and depends on Tri-Ocean's associate on the tract,BP Exploration (Delta) Limited,and the Egyptian General Petroleum Corporation (EGPC) deciding not to exercise their preemptive rights.Beach Petroleum points points out that the government is expected to take a decision within two months and that BP's preemptive rights expire on 28 June.