Minimum investment in two concessions of $27.4 million in first exploration phase
CAIRO and HOUSTON, Dec. 2, 2016 /PRNewswire/ -- Apex International Energy (www.apexintl.com), an independent oil and gas exploration and production company focused on Egypt, is pleased to announce that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round.
Block 8 and 9 are both located within the prolific Abu Gharadig Basin in Egypt's Western Desert and cover 6,714 square kilometers (2,592 square miles or 1.7 million acres) in total. Specific details are below:
- Block 8 West Badr el Din (4,180 km2)
- Block 9 South East Meleiha (2,535 km2)
Apex has committed to invest $27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells.
Roger B. Plank, Founder and Chief Executive Officer of Apex International Energy, said, "We are delighted that EGPC has awarded Apex our first concessions in Egypt, enabling us to establish a foothold in the prolific Western Desert. With 1.7 million acres now in hand, this is an important step in our mission to build an oil and gas business of scale in Egypt and we are eager to start investing in the considerable potential of these Blocks."
Thomas M. Maher, President and Chief Operating Officer of Apex International Energy, said, "We are pleased to have been awarded these Blocks and look forward to working closely with EGPC and the Ministry of Petroleum to finalize the Concession Agreements as quickly as possible. Apex looks forward to applying our broad industry experience together with modern exploration and production technologies to develop the Blocks to their maximum potential."
About Apex International Energy
Apex International Energy is an independent oil and gas exploration and production company focused on Egypt backed by Warburg Pincus, a global private equity firm focused on growth investing. Apex International Energy plans to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure and production enhancement to deliver long-term profitable growth in production and reserves. Apex International Energy will also pursue farm-in transactions and participate in new concession bid rounds.
For more information, please visit www.apexintl.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in private equity assets under management. The firm's active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 15 private equity funds, which have invested more than $58 billion in over 760 companies in more than 40 countries. For more than two decades, Warburg Pincus has invested or committed over $13 billion across more than 75 energy investments around the world with a focus on upstream, midstream and downstream oil and gas; energy services and technology; power generation and transmission; alternative energy and renewables; and mining and metals. Notable investments include Antero Resources, Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
Apex International Energy
SOURCE Apex International Energy