INA acquired share in East Damanhur (Block 10) concession area

Source Press Release
Company INA GroupEGASCheiron Petroleum CorporationWintershall Dea GmbH 
Tags Asset Deals, Deals, Upstream Activities
Date March 09, 2021

INA received the final clearance from the Egypt National Gas Company (EGAS) and Ministry of Petroleum for concluding the Sales and Purchase agreement with Wintershall DEA, operator with 40% working interest on exploration license East Damanhur (Block 10) in the onshore part of Nile delta. With this INA will enter a new concession in Egypt as 20% working interest partner, while the remaining 40% will be held by the Egyptian company Cheiron.

This exploration asset will improve the sustainability of INA’s Egyptian operations with a reputable operator and a strong local partner in gas prolific Nile delta onshore area with producing infrastructure already in place. Exploration period on East Damanhur concession lasts three years, and in the case of commercial discovery contract provides production license for 20 years.

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