Beach Petroleum: acquisition of interest in North Shadwan concession

  • Beach Petroleum: acquisition of interest in North Shadwan concession

    Beach Petroleum: acquisition of interest in North Shadwan concession

    Sunday, 1st June 2008
    Beach Petroleum reports that it has entered into an agreement with Tri-Ocean Energy Company under which, subject to the approval of the Government of the Arab Republic of Egypt, Beach will acquire a 20% interest in the North Shadwan Concession in the Gulf of Suez at a cost of US$110 million. Completion of the agreement is also subject to the waiver of pre-emptive rights by another Joint Venture party and the Egyptian General Petroleum Corporation.