Cairo – Mubasher: Apex International Energy (Apex) announced acquiring interests in four concessions in the Western Desert oil producing region of Egypt from IEOC Production B.V. (IEOC), a unit of Eni S.p.A.

Two additional concessions will be acquired by Apex after parliamentary approval of extensions, which is expected in the first quarter of 2023, according to a press release on Tuesday. 

These newly acquired assets are located adjacent to Apex’s South East Meleiha (SEM) concession (100% working interest). Apex will now own interests in eight Western Desert concessions totaling 1.0 million acres.

Apex has grown its existing production in SEM to about 7,000 barrels per day since production start-up in August 2021, with a total of 25 wells drilled since December 2020. With the concession interests purchased from IEOC, Apex’s combined working interest production in the Western Desert is expected to approach 11,500 barrels per day, with prospects for additional growth, and place Apex as the 8th leading oil producer in Egypt. 

Roger Plank, Apex’s Chairman and Founder, commented: “Acquiring interests in these six concessions from IEOC is a significant step in Apex’s ongoing growth strategy to become a leading independent Western Desert exploration and production company […] We look forward to commencing Apex’s first gas production in 2023 and becoming part of the exciting Egyptian natural gas success story.”