Thursday 18 October 2018

Apex International Energy awarded first blocks in Egypt

CAIRO, December 3, 2016

US-based Apex International Energy, an independent oil and gas exploration and production company, has been awarded two key blocks by Egyptian General Petroleum Company (EGPC) for exploration from their 2016 bid round.

A company with key focus on Egypt, Apex said the Block 8 and 9 are both located within the Abu Gharadig Basin in the country's Western Desert and covers 6,714 sq km area in total.

The company has announced plans to invest $27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells.

Roger B Plank, the founder and chief executive of Apex International Energy, said: "We are delighted that EGPC has awarded Apex our first concessions in Egypt, enabling us to establish a foothold in the prolific Western Desert."

"With 1.7 million acres now in hand, this is an important step in our mission to build an oil and gas business of scale in Egypt and we are eager to start investing in the considerable potential of these blocks," remarked Plank.

Thomas M. Maher, the president and chief operating officer, said: "We are pleased to have been awarded these Blocks and look forward to working closely with EGPC and the Ministry of Petroleum to finalise the concession agreements as quickly as possible."

"Apex looks forward to applying our broad industry experience together with modern exploration and production technologies to develop the Blocks to their maximum potential," he added.-TradeArabia News Service

Tags: Egypt | Oil blocks | Apex International Energy |

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