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BRIEF-Beach Energy updates agreement for sale of unit Beach Petroleum Egypt pty ltd

Published 10/08/2015, 06:29 pm
Updated 10/08/2015, 06:36 pm
© Reuters.  BRIEF-Beach Energy updates agreement for sale of unit Beach Petroleum Egypt pty ltd
BPT
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Aug 10 (Reuters) - Beach Energy Ltd BPT.AX :

* Sale of Beach Egypt to Rockhopper BPT.AX

* Sale consideration will be up to US$22 million

* Entered into a binding agreement with Rockhopper Exploration Plc

* Sale of Beach Petroleum Egypt pty will result in impairment to book value of egyptian assets as part of finalisation of the FY 2015 results

* Agreement for sale of unit Beach Petroleum Egypt pty ltd, whose core asset is a 22% interest in the abu sennan concession in Egypt

* Says completion of the transaction is expected to occur in late 2015 / early 2016

* Divestment of the excluded assets is not expected to result in a material adjustment to the proceeds

* This sale of unit and co's recent exit from Romania, "continues to build on the company's strategy of focusing on Australia and nearby"

* Source text for Eikon ID:nASX39PsKb

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