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Sunday, December 4, 2016
Apex International Energy has been awarded its first blocks in Egypt. The company was awarded Blocks 8 and 9, offered by EGPC in its 2016 bid round.
Block 8 and 9 are both located within the prolific Abu Gharadig Basin in Egypt’s Western Desert and cover 6,714 sq km.
Apex has committed to invest $27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells.
Apex recently established itself in Egypt, opening an office in Cairo in October to build its exploration and production business. At the time the Cairo office was opened, Apex said it planned to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure and production enhancement to deliver long-term profitable growth in production and reserves. It will also pursue farm-in transactions and participate in new concession bid rounds.
Apex’s focus is currently on Egypt, but it did say in a statement that over time may expand into other countries in the MENA region as attractive opportunities present themselves.
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