Apex acquires oil and gas assets in Egypt
CAIRO, January 13, 2023 – Apex International Energy has acquired interest in six concessions from Eni in the Western Desert of Egypt, the independent E&P company announced on Tuesday.
The sales and purchase agreement will see the company take operating interest in the Ras Qattara, West El Razzak and East Kanayis blocks, with the West Abu Gharadig concession acquired following a contract extension.
Additionally, the company will acquire 25% stakes in the East Obaiyed and South West Meleiha plays where Eni’s Egyptian subsidiary IOEC Production will continue to be operator.
Apex International Energy and IOEC Production were recently awarded 50% shares in the East Siwa concession, which has been approved by Egyptian General Petroleum Company and awaits state approval.
The transactions will see Apex International Energy’s production increased by 65% to 11,500 bpd through its stakes in eight fields in Egypt’s Western Desert of which six are in production. Apex operates six of the blocks.
The East Obaiyed block is expected to come on line in Q2 2023 after two discoveries were made on the play.