United Energy eyes 100% of Apex International Energy’s Egypt operations: Hong Kong-listed United Energy Group (UEG) inked a sale and purchase agreement to fully acquire Apex’s upstream oil and gas exploration and production operations in Egypt for an undisclosed sum, according to a statement. The transaction will be made through the group’s MENA subsidiary United Energy Limited.

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The rationale: The transaction aims to enhance financial health, ramp up investment, and generate long-term value for shareholders, the statement reads. Upon completion, the combined gross production of the group in Egypt will total 39k barrels of oil equivalent per day (boe / d), ranking among Egypt’s top ten oil and gas producers.

Snapshot of Egypt operations: UEG currently holds interests in five concession areas, with an average gross production of 22k boe / d in 2024. While Apex holds interests in eight onshore concession areas, with an average working interest production of over 11k boe / d in 2024, along with a 3.5k sqm exploration area.

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