Tuesday, 8 October 2019
United Oil & Gas’ acquisition of Rockhopper Egypt “progressing well”: Rockhopper Exploration’s sale of its Egypt business to Irish energy company United Oil & Gas is on track to be completed by the end of 4Q2019, Rockhopper said in a statement yesterday. Rockhopper and United had signed a USD 16 mn share purchase agreement in July, which would see the Irish company acquire a non-operating 22% interest in the onshore Abu Sennan oil concession, among other assets. The agreement “will be satisfied” once United makes a cash payment of at least USD 11 mn. BP had previously agreed to provide USD 8 mn to partially fund the acquisition after it entered an offtake agreement for United’s future oil and gas production.
October 2, 2017
GlobalConnect Ltd., a newly established Oil and Gas Exploration and Production company with focus on MENA (Middle East and North Africa) region, has announced the final approval of Egypt government of its acquisition of 25% (twenty five percent) Participating Interest in the Concession Agreement for the Petroleum Exploration and Exploitation in Abu Sennan Area of Egypt Western Desert.
Farmout Agreement (FOA) was executed on December 15th, 2016, between Kuwait Energy plc (“Kuwait Energy”) and GlobalConnect with effective date of December 31st, 2016. FOA was signed by Sherif Foda – Founder and Chairman of GlobalConnect and Sara Akbar – CEO of Kuwait Energy.
Upon this final approval of Egypt government, GlobalConnect can officially assume its duties and responsibilities as full partner in the Abu Sennan concession.
17 January 2017Kuwait City, Kuwait
Kuwait Energy plc (“Kuwait Energy”) is pleased to announce the signing of a Farm-Out Agreement (FOA) for 25% participating interest in the Abu Sennan concession fromits share, to Global Connect Limited (“Global Connect”); a recently established E&P Company with a focus on MENA region. The FOA was signed in Egypt on Thursday 15 December 2016 and it is effective as of 31 December 2016. The agreement remains subject to government and pre-emption approvals.
The agreement was signed by Sara Akbar, the CEO of Kuwait Energy and Sherif Foda, Founder and Chairman of Global Connect.
On this occasion, Sara Akbar said:
“We are very pleased to welcome a new partner in the Abu Sennan concession. Along with Dover and Rockhopper, Global Connect will now support the concession in the development and exploration efforts. The team at Global Connect brings in a wealth of technical expertise based on their previous experiences. We look forward to working alongside one another to create optimal value for Egypt and all the partners”.
