Aegean Energy is pleased to announce that it has entered into an Asset Purchase Agreement with
Pan Pacific Petroleum Egypt Limited for the acquisition of a 20% participating interest in the West
Kom Ombo Concession.
This acquisition follows a recent transaction between Aegean Energy and Groundstar Resources
Limited, whereby Aegean Energy acquired a 60% working interest and operatorship of the West
Kom Ombo Block and Aegean’s local partners in Egypt Fleet Oil and Gas acquired a 10% interest in
the block.
By entering into the Agreement Aegean Energy increases its net working and operating interest in
80%.
This Agreement is subject to approval by the competent authorities in Egypt.
Information about the Asset
The West Kom Ombo block is located in Upper Egypt approximately 100 Km of Aswan. The
Exploration License covers an area of 31,520 square kilometres and is one of the largest onshore
blocks in Egypt. An independent Resource Evaluation Report carried out for Groundstar by
Gustavson Associates in Boulder Colorado, resulted in a gross prospective oil resource estimate of
570 MMBO (P50), Moreover 695 km of 2D seismic data has been acquired and processed by
Groundstar.
For more information about Aegean Energy please visit www.energean.com
For more information about Pan Pacific please visit www.ktg.com.hk