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Tuesday, September 29, 2015
The agreement between Beach Energy and Rockhopper Exploration that has Rockhopper acquiring Beach’s wholly owned subsidiary, Beach Petroleum (Egypt), has been preempted. The completion of the sale was subject to a certain conditions precedent, including waiver or non-exercise of preemptive rights held by existing JV parties in relation to the Abu Sennan Concession.
Beach has received notice of the exercise of preemptive rights by one of the existing Abu Sennan Concession JV parties. As a result, the conditions precedent for the sale of Beach Egypt cannot be satisfied and the sale of Beach Egypt to Rockhopper will not proceed.
The Abu Sennan Concession pre-emption period expires on October 16, 2015. At that time the ultimate preempting party parties will be confirmed. Completion of the sale of the interest in the Abu Sennan Concession under the pre-emption arrangements is subject to Egyptian government approvals. The acquiring party / parties will pay to Beach $20.4 million in cash for the interest in the Abu Sennan Concession (subject to adjustments).
Beach’s partners on the Abu Sennan Concession are Kuwait Energy (operator) and Dover Investments.
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