ADELAIDE , Australia-- Beach Petroleum Ltd. has agreed with Tri-Ocean Energy Co. to acquire a 20% interest in the North Shadwan concession in the Gulf of Suez at a cost of $110 million pending approval by the Arab Republic of Egypt.
Completion of the agreement also is subject to the waiver of pre-emptive rights by another joint venture party and the Egyptian General Petroleum Corp.
The concession contains three undeveloped oil discoveries with proved and probable recoverable reserves of approximately 40 MMbbl. Several oil exploration prospects are also identified.
It is expected that waiver of pre-emptive rights will take up to two months to be resolved and government approvals up to a further four months.