Egypt: Rockhopper buys Beach assets

UK-based Rockhopper Exploration has bought the Egyptian assets of Australia’s Beach Energy for $22m. The assets consist of a 22% non-operated interest in the producing Abu Sennan concession and a 25% non-operated interest in the El Qa’a Plain exploration concession. Payment will be made as $11.5m in cash and $10.5m in Rockhopper shares. The Abu Sennan concession is located in the Abu Gharadig basin in the Western Desert and is operated by Kuwait Energy. Production began in 2012.