Kuwait Energy Signs Farm-Out Agreement With Global Connect Limited

Source: www.gulfoilandgas.com 1/17/2016, Location: Africa

Kuwait Energy plc is pleased to announce the signing of a Farm-Out Agreement (FOA) for 25% participating interest in the Abu Sennan concession fromits share, to Global Connect Limited; a recently established E&P Company with a focus on MENA region. The FOA was signed in Egypt on Thursday 15 December 2016 and it is effective as of 31 December 2016. The agreement remains subject to government and pre-emption approvals. The agreement was signed by Sara Akbar, the CEO of Kuwait Energy and Sherif Foda, Founder and Chairman of Global Connect.

On this occasion, Sara Akbar 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”.

Sherif Foda said:

“We are thrilled to venture into our first ever concession in Egypt and to be partners with an operator such as Kuwait Energy, who have an unparalleled track record in the country. We are very proud to be working in Egypt and establishing strong presence in the region’s E&P industry. The recent exploration success in Abu Sennan has increased the field’s productivity and as a recently established Company, it is critical that we focus on producing, cash-generating assets”.

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.


Brazil >>  8/3/2022 - Petrobras, following up on the release disclosed on 01/29/2021, informs that yesterday it has finalized the sale of all its stakes in the producing fi...
South Korea >>  8/3/2022 - The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a sig...

United Kingdom >>  8/3/2022 - Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 1...
United States >>  8/3/2022 - Enterprise Products Partners L.P. (EPD) announced three organic growth projects to expand its footprint in the Permian Basin to support ongoing produc...

Nigeria >>  8/1/2022 - Panoro Energy ASA is pleased to announce the declaration of its first dividend (the "Dividend") following recent completion of the transaction to dive...
Russia >>  8/1/2022 - Baker Hughes (BKR) has signed an agreement to sell its Oilfield Services business in Russia (“OFS Russia”) to its local management team. The agreement...

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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.