Scandoil  

Beach Energy to sell Egyptian subsidiary to Rockhopper Exploration


Published Aug 11, 2015
Beach Energy Limited

Beach Energy Ltd has entered into a binding agreement with Rockhopper Exploration plc (AIM: RKH) in relation to the sale of its wholly owned subsidiary, Beach Petroleum (Egypt) Pty Ltd, whose core asset is a 22% interest in the Abu Sennan Concession in Egypt.

Consideration will be up to US$22 million (subject to adjustments) comprising US$11.5 million cash, with the balance to be made up of Rockhopper shares. The share component will be limited to no more than 5% of Rockhopper's issued capital.

Completion of the transaction is expected to occur in late 2015 / early 2016 and is dependent on satisfaction of certain conditions precedent, including Egyptian regulatory approvals, limited confirmatory due diligence, divestment of certain excluded non-core assets, and joint venture consents, including pre-emption. The divestment of the excluded assets is not expected to result in a material adjustment to the proceeds from this transaction.

Tags: Beach Energy Limited, Rockhopper Exploration plc




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml