Beach Energy Limited
(ASX:BPT) says its sale of Beach Petroleum Egypt to Rockhopper Exploration cannot go ahead.
The Core asset of Beach’s Egyptian subsidiary is a 22 per cent interest in the Abu Sennan concession in Egypt.
The deal was subject to non-exercise of pre-emptive rights held by the existing joint venture parties and one of the parties has issued notice of its interest.
The pre-emption period will expire on the 16th of October and if the party or parties are confirmed they will pay US$20 million to Beach for its interest in the concession.
Beach Energy reported a net loss of $514 million for the 2015 financial year.
