Cairo – Mubasher: The British oil and gas exploration firm Rockhopper Exploration announced that the sale of its Egyptian unit to Irish United Oil and Gas is expected to be complete by the end of the fourth quarter of 2019, according to a statement.
In July, Rockhopper and United Oil and Gas signed a share purchase agreement under which the Irish energy firm will acquire a 22% working interest in the onshore Abu Sennan oil concession, in addition to other assets.
The agreement will be carried out once United Oil and Gas pays at least $11 million in cash.
It is noteworthy that the British Petroleum (BP) previously approved to provide a prepayment financing structure of up to US$ 8 million after signing an offtake agreement with United Oil and Gas.
