Rockhopper Exploration acquires Beach Petroleum

Rockhopper Exploration acquires Beach Petroleum

Aug 17, 2016
2 min read
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Rockhopper Exploration has completed the acquisition of Beach Petroleum, Egypt. Beach Egypt holds a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa'a Plain concession.

The deal is believed to be worth $11.9 million. Beach Petroleum has a working interest production of approximately 1,100 barrels of oil equivalent per day (based on the 12 month period to 30 June 2016).

Sam Moody, CEO, Rockhopper Exploration commented: "We are delighted to announce the completion of this strategically important acquisition which materially increases our exposure to low cost, cash generative production assets. Unit cash operating costs at Abu Sennan during H1 2016 were approximately $8 per barrel.

"With the recent exploration success at the Al Jahraa SE-1X well, combined with the increase in estimated 2P reserves, we are delighted to be retaining the entire 22% interest in Abu Sennan. 

"Following completion of the Acquisition our balance sheet remains strong and we retain our year end 2016 cash guidance of US$60 - 70 million."