Kuwait - Mubasher: Kuwait Energy said it signed a Farm-Out Agreement (FOA) with Global Connect Limited.

Under the agreement, Global Connect will obtain 25% participating interest in Egypt's base - Abu Sennan concession from its share.

The FOA is effective since 31 31 December 2016, but it will remain subject to government and pre-emption approvals, said a press release.

With the completion of this transaction, Kuwait Energy now holds a 25% revenue interest, and is the operator of the Abu Sennan concession. Dover Investment Ltd, Global Connect and Rockhopper Exploration hold 28%, 25% and 22% respectively.