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GlobalConnect Receives Final Approval of Acquisition of 25% in Abu Sennan

Source: 10/3/2017, Location: Africa

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GlobalConnect Ltd, a newly established Oil and Gas Exploration and Production company with focus on MENA (Middle East and North Africa) region, has announced the final approval of Egypt government of its acquisition of 25% (twenty five percent) Participating Interest in the Concession Agreement for the Petroleum Exploration and Exploitation in Abu Sennan Area of Egypt Western Desert.

Farmout Agreement (FOA) was executed on December 15th, 2016, between Kuwait Energy plc (“Kuwait Energy”) and GlobalConnect with effective date of December 31st, 2016. FOA was signed by Sherif Foda – Founder and Chairman of GlobalConnect and Sara Akbar – CEO of Kuwait Energy.

Upon this final approval of Egypt government, GlobalConnect can officially assume its duties and responsibilities as full partner in the Abu Sennan concession.

On this occasion, Sherif Foda stated: “We are thankful to the Government of Egypt and specifically to the Ministry of Petroleum for bestowing their trust in our company, thus rendering Abu Sennan our first actual project. We are both proud and honored to play an active role in the relaunch initiative of the Egypt Oil & Gas industry led by the ministry. This endeavor will enable us to further invest into the fast-growing economy of Egypt.

We anticipate working with all our partners; Dover and Rockhopper, alongside Kuwait Energy, who has exhibited an outstanding performance as operator of the Abu Sennan concession.”

Subsequently, Sara Akbar commented: “We are very pleased to be working alongside the GlobalConnect team welcoming a wealth of technical expertise to further enhance our growth, development and exploration efforts in Egypt. Moreover, we look forward to a mutual longterm collaboration with GlobalConnect operationally focused to create optimal value for Egypt and all our partners.

Our continued success in Egypt could not have been achieved without the exceptional support from our team and our unique partnership with the Egyptian General Petroleum Corporation and the Egyptian Government.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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