Apex International Energy signs two concession agreements in Egypt
Apex International Energy, an independent oil and gas exploration and production company focused on Egypt, has signed two concession agreements for 1.7 million acres encompassing the West Badr el Din and South East Meleiha concessions, located in the prolific Abu Gharadig Basin in Egypt's Western Desert.
As previously announced, Apex was awarded the two blocks as part of the Egyptian General Petroleum Corporation (EGPC) 2016 bid round.
Apex will invest a minimum of $27.4 million during the first exploration phase to perform detailed geological studies, acquire and process 3D seismic and drill exploratory wells.
Roger B. Plank, Founder and Chief Executive Officer of Apex International Energy, said, "We are very pleased to finalize these Concession Agreements and officially establish Apex's foothold in Egypt. We thank H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, for his support during this transaction and for encouraging investments like ours in Egypt's attractive oil and gas market. We look forward to advancing our partnership with the Egyptian Ministry of Petroleum and Mineral Resources."
Raed Saba, Deputy General Manager and Exploration Manager in Egypt, Apex International Energy, said, "These blocks provide promising opportunities for value creation in the Western Desert, where we have extensive experience and look forward to building a long-term presence. We are eager to get started on drilling wells to maximize the full potential of these blocks, while pursuing additional opportunities to grow our business in Egypt."