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.
Rockhopper Exploration Buys Beach Petroleum Egypt
Monday, 10th August 2015
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