Kuwait Energy signed a Farm-Out Agreement (FOA) with Global Connect Limited for 25% participating interest from its shares in the Abu Sennan concession, announces Kuwait Energy in a press release.
Thus, Kuwait Energy now holds a 25% interest shares, and is the operator of the Abu Sennan concession. Dover Investment, Global Connect and Rockhopper Exploration hold 28%, 25% and 22% respectively.
The FOA was signed in Egypt on the mid December 2016 by Kuwait Energy’s CEO, Sarah Akbar, and Founder and Chairman of Global Connect, Sherif Foda. The agreement was put in effective at the end of 2016. Yet, the agreement is still pending government and pre-emption approvals.
Kuwait Energy’s CEO, Sarah Akbar stated: “We are very pleased to welcome a new partner in the Abu Sennan concession. Along with Dover and Rockhopper, Global Connect will now support the concession in the development and exploration efforts. The team at Global Connect brings in a wealth of technical expertise based on their previous experiences. We look forward to working alongside one another to create optimal value for Egypt and all the partners.”
Meanwhile, Foda commented: “We are thrilled to venture into our first ever concession in Egypt and to be partners with an operator such as Kuwait Energy, who have an unparalleled track record in the country. We are very proud to be working in Egypt and establishing strong presence in the region’s E&P industry. The recent exploration success in Abu Sennan has increased the field’s productivity and as a recently established Company, it is critical that we focus on producing, cash-generating assets.”