Beach Energy Ltd
(ASX:BPT) has announced an expansion of its Egyptian exploration activities, representing an investment of up to US$33 million over the next two years.
Beach Petroleum Pty Ltd, a wholly owned subsidiary of Beach Energy, has finalised agreements with Kuwait Energy Company through which Beach will acquire concessions, including an underdeveloped oil discovery.
Subject to approval from Egyptian regulators, Beach will acquire a 22% interest in the Abu Sennan Concession in the Western Desert and a 15% interest in the Mesaha Area Concession in southern Egypt.
Beach Energy says 3D seismic technology has substantially reduced the exploration risk in the Western Desert with significant exploration success recorded.
Beach Energy reported a profit of $260.4 million for the year ended 30 June 2009.
