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SOCO to foray into El Fayum concession through Merlon acquisition

Saturday 22 September 2018 02:31 PM

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Agencies:
SOCO International is set to foray into the onshore El Fayum concession through the acquisition of Merlon Petroleum El Fayum for about $215m.
Through the cash-cum-stock deal, SOCO expects to add immediate cash generative production and incremental 2P (net) working interest reserves of 24 mmbbls from the El Fayum concession to go along with 2C (net) working interest resources of 37 mmbbls.

Spread across nearly 450,000 acres, the El Fayum concession is located in the Western Desert, some 80km south west of Cairo and is in proximity to existing energy infrastructure.

Its acquisition will enable SOCO to expand and diversify its resource base while creating a full-cycle, growth orientated exploration and production company of scale. The transaction will also complement the company’s existing Vietnam-focused portfolio.

Merlon, which has all of its oil and gas assets located within the El Fayum Concession, had registered production of 7,859 bopd (net) in 2017.

According to SOCO, the Egyptian oil and gas company has the potential to boost its production levels to a target of more than 15,000 bopd (net) by 2023 by recovery of its discovered 2P reserves and 2C resources.




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