Transaction increases Apex production by 65% to 11,500 bpd
Houston-Texas, USA headquartered Apex International Energy (Apex) recently announced that it had acquired interests in four concessions in the Western Desert oil producing region of Egypt from Eni. Two additional concessions will be acquired by Apex after parliamentary approval of extensions, which is expected in the first quarter of 2023.
Following the deal, Apex will acquire all of IEOC’s interests in in multiple concessions to be acquired following an extension and will become operator of each through Farah Petroleum Company (PetroFarah), the joint venture operating company of Apex and the Egyptian General Petroleum Company (EGPC).
With all these acquisitions and concessions, Apex will now own interests in eight Western Desert concessions totaling 1.0mn acres (4,100sqm), a press communique stated.
With the concession interests purchased from IEOC, Apex’s combined working interest production in the Western Desert is expected to approach 11,500 barrels per day, with prospects for additional growth, and place Apex as the eighth leading oil producer in Egypt.
“Eni is already our working partner. Given the strongly complementary nature of our Western Desert operations, we look forward to a closer collaboration to deliver strong operational, cost and resource upside benefits,” remarked Thomas Maher, President and CEO, Apex.
“Acquiring interests in these six concessions from IEOC is a significant step in Apex’s ongoing growth strategy to become a leading independent Western Desert exploration and production company,” commented Roger Plank, Chairman and founder, Apex.