Petroleum Africa
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Tuesday, August 11, 2015
Rockhopper Exploration PLC struck a deal with Beach Energy Ltd. that has it acquiring Beach. The deal will give Rockhopper assets in Egypt.
Rockhopper said it will pay $22 million to acquire the entire issued share capital of Beach Energy, which owns a 22% interest in the Abu Sennan concession and a 25% stake in the El Qu’a Plain concession.
The consideration will be paid using $11.5 million in cash and $10.5 million in Rockhopper shares.
“This transaction represents another significant milestone as we continue to build Rockhopper into a full cycle, exploration led, E&P company focused on our two core areas of the North Falkland Basin and the Greater Mediterranean and North Africa region,” said Sam Moody, Rockhopper’s chief executive.
“We expect this portfolio to be net cash flow positive immediately and upon completion of the transaction expect operating cash flows from Egypt and our existing Italian assets to cover group overheads going forward,” Moody added.
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