EXPLORATION

Novus completes Egyptian asset sale

Sydney-based Novus Petroleum has completed the sale of its Egyptian assets to Apache Corporation this week after approval by Egyptian authorities.

Earlier this year, Novus sold its entire Egyptian holdings to Apache for $US62 million ($121.5 million) and acquired from Apache a host of American assets including interest in the producing Stratton gasfields onshore in Texas in the Gulf of Mexico basin, interests in deep exploration rights beneath the Magnet Withers field onshore south-west of Houston as well as the Padre Island assets. The purchase price of these assets was $US58 million.

The purchase of a portfolio of producing and exploration leases in the United States from Apache Corp is due to close on 26 November. "Over the past six years Novus has established an excellent working relationship with Apache, and we look forward to continuing this relationship in the future," Novus said.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry

editions

ENB Social Licence Report 2021

In its second year, this research now includes trends and new findings surrounding impacts and responses as the energy industry seeks to secure and maintain a social licence to operate.