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.

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