The Egyptian government approved GlobalConnect’s acquisition of a 25% stake in the Abu Sennan Concession, Egypt Oil & Gas reports.
The company can now proceed with its exploration and exploitation duties as a full partner in the concession.
GlobalConnect acquired the stake as part of the Farmout Agreement (FOA) it signed with Kuwait Energy in December 2016. With the completion of the agreement, Kuwait Energy holds a 25% revenue interest, and is the operator of the Abu Sennan concession. Dover Investment Ltd, Global Connect, and Rockhopper Exploration plc hold 28%, 25%, and 22% respectively, according to Kuwait Energy.
“We are both proud and honored to play an active role in the relaunch initiative of the Egypt Oil & Gas industry led by the ministry. This endeavor will enable us to further invest into the fast-growing economy of Egypt,” Sherif Foda, the Founder and Chairman of GlobalConnect, stated at the signing ceremony for the FOA.
The Abu Sennan Concession is in the Western Desert.
GlobalConnect is a newly established oil and gas exploration and production company that focuses on the Middle East and North Africa.