Beach acquires Gulf of Suez concession

Offshore staff

ADELAIDE, Australia -- Beach Petroleum Ltd. has agreed to acquire 20% interest in the North Shadwan concession in the Gulf of Suez from Tri-Ocean Energy Co. for $110 million.

The concession includes three undeveloped oil discoveries and additional prospects, Beach says.

BP has waived its pre-emptive rights on the concession. Completion of the agreement awaits Egyptian General Petroleum Corp.'s rights waiver and approval of the Egyptian government.

06/27/2008