Rockhopper Exploration Acquires Non-Operated Exploration, Production Assets in Egypt

AIM-listed Rockhopper Exploration has acquired a portfolio of non-operated production and exploration interests in Egypt from Beach Energy for $22.0 million.

Rockhopper will acquire the entire issued share capital of Beach Petroleum (Egypt) which on completion will hold 22 percent interest in the Abu Sennan concession; and 25 percent interest in the El Qa'a Plain concession

Current working interest production from Abu Sennan of approximately 1,300 boepd, net to Rockhopper (based on average H1 2015 production levels).

Acquisition is anticipated to complete in late 2015 or early 2016.

The Abu Sennan concession is located in the Abu Gharadig basin in the Western Desert. The concession was signed in June 2007 with first commercial production achieved during 2012. The El Qa'a Plain concession is located on the eastern shore of the Gulf of Suez and contains a number of oil leads identified on existing 2D seismic data. The concession was signed in January 2014 and the forward plan is to acquire 450 sq km of 3D seismic in 2015 followed by the drilling of one or more exploration wells in 2016..