(Alliance News) - Rockhopper Exploration PLC said on Wednesday that the sale of its Egypt unit to United Oil & Gas PLC will be completed in the fourth quarter of 2019.
United Oil & Gas said in July that it would pay USD16.0 million for the Rockhopper Egypt Pty Ltd unit.
The company also said that the Al Jahraa-12 development well, which is part of the Abu Sennan concession which Rockhopper owns 22% of, was spudded on August 4. The well is expected to take 55 days to drill, test and complete, the company said.
The Al Jahraa-7 well, also in the Abu Sennan concession, Egypt, and was spudded on May 25, reached a measured depth of 3,970 metres in June.
Tests found that net oil pay in the Abu Roash-C interval was seven metres and in the Abu Roash-E interval it was four metres. In Upper Bahariya net oil pay was nine metres, in Lower Bahariya-1 six metres and in Lower Bahariya-2, it was five metres.
The Abu Sennan concession has a current production of 5,100 barrels of oil equivalent per day.
Shares in Rockhopper were down 2.8% at 19.41 pence each in London on Wednesday afternoon.
United Oil&gas (UOG)
Rockhopper (RKH)