According to Egyptian press reports, Australia’s Novus Petroleum recently sold its Egyptian holdings to the American Apache Oil Corporation for $62 million. The two companies had joint ownership of the stocks.
The sale consisted of several concessions in Egypt’s Western Desert region. These include a ten percent working interest in the Khalda Offset and Ras El Hekma concessions; Apache had previously held the remaining 90 percent of these concessions. In addition, ownership of 6.36 percent of the Ras Kanayes concessions was also transferred to Apache.
Officials at Novus stated that the sale was the result of difficulties the company had in achieving growth in Egypt. Apache, on the other hand, was happy to attain a one hundred percent holding in the aforementioned companies.
The independent oil and gas company, based in Houston, Texas, has operations in the United States, Canada, Egypt, Western Australia, China, Poland and Argentina.
Novus acquired it Egyptian holdings Samsung in 1998 for $40 million. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
