Petroleum Africa
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Thursday, January 19, 2017
Kuwait Energy entered into a farm-out agreement to sell down a piece of its Abu Sennan stake. The company farmed down a 25% participating interest from its stake in the concession to Global Connect.
The agreement remains subject to government and pre-emption approvals.
CEO of Kuwait Energy, Sara Akbar, commenting on the farm down said, “We are very pleased to welcome a new partner in the Abu Sennan concession. Along with Dover and Rockhopper, Global Connect will now support the concession in the development and exploration efforts. The team at Global Connect brings in a wealth of technical expertise based on their previous experiences. We look forward to working alongside one another to create optimal value for Egypt and all the partners.”
With the completion of this transaction, Kuwait Energy now holds a 25% revenue interest, and is the operator of the Abu Sennan concession. Dover Investment Ltd, Global Connect and Rockhopper Exploration plc hold 28%, 25% and 22% respectively.
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