Rockhopper Exploration Buys Beach Petroleum Egypt

Rockhopper Exploration Buys Beach Petroleum Egypt

Beach Energy announced the sale of its subsidiary in Egypt “Beach petroleum” to Rockhopper Exploration, reported Oil voice. Beach Petroleum’s core asset in Egypt is a 22% interest in the Abu Sennan Concession and a 25% stake in the El Qu’a Concession. London South East remarked that the acquisition deal is worth $22m, and will be paid $11.5m in cash and $10.5m worth of Rockhopper shares. No details regarding the  number of shares to be issued was announced, except that the pricing would be based on the volume-weighted average price of Rockhopper’s shares in the 30 days prior to completion of the deal.

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