Africa Biz Construction and Business News
Apex International Energy Acquires Oil Exploration Blocks in Egypt
September 8, 2017
Houston, Texas, based Apex International Energy, an independent gas and oil exploration and production company, recently signed off on two new concession agreements for oil drilling exploration in Egypt.
The agreements cover 1.7 million acres encompassing the West Badr el Din (4,180 km 2) and South East Meleiha (2,535 km 2) concessions, located in the prolific Abu Gharadig Basin in Egypt's Western Desert. As previously announced, Apex was awarded the two blocks as part of the Egyptian General Petroleum Corporation (EGPC) 2016 bid round.
Apex will invest a minimum of $27.4 million during the first exploration phase to perform detailed geological studies, acquire and process 3D seismic and drill exploratory wells.
Roger B. Plank, Founder and Chief Executive Officer of Apex International Energy, said, "We are very pleased to finalize these Concession Agreements and officially establish Apex's foothold in Egypt. We thank H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, for his support during this transaction and for encouraging investments like ours in Egypt's attractive oil and gas market. We look forward to advancing our partnership with the Egyptian Ministry of Petroleum and Mineral Resources."
Raed Saba, Deputy General Manager and Exploration Manager in Egypt, Apex International Energy, said, "These blocks provide promising opportunities for value creation in the Western Desert, where we have extensive experience and look forward to building a long-term presence. We are eager to get started on drilling wells to maximize the full potential of these blocks, while pursuing additional opportunities to grow our business in Egypt."
About Apex International Energy
Apex International Energy is an independent oil and gas exploration and production company focused on Egypt and backed by Warburg Pincus, a global private equity firm focused on growth investing. Apex International Energy plans to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure and production enhancement to deliver long-term profitable growth in production and reserves. Apex International Energy is also pursuing acreage transactions including farm-ins and new concession bid rounds.