Apex International Energy, an independent oil and gas exploration and production company focused on Egypt, has announced that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round.
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"Apex International Energy awarded first blocks in Egypt"
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Block 8 and 9 are both located within the prolific Abu Gharadig Basin in Egypt's Western Desert and cover 6714 km2 (2592 square miles or 1.7 million acres) in total. Specific details are below:
Apex has committed to invest US$27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells.
Roger B. Plank, Founder and Chief Executive Officer 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."
Thomas M. Maher, President and Chief Operating Officer of Apex International Energy, 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."
Read the article online at: https://www.oilfieldtechnology.com/exploration/06122016/apex-international-energy-awarded-first-blocks-in-egypt/