Egypt steps up upstream gas push with new drilling partners and faster Harmattan timeline
· Egyptian market news
The Oil Ministry is stepping up its upstream push here here
Why it matters: 4.1 bcf / d 120 mmcf / d each month 160 new oil and gas wells
One early test of that push is Arcius Energy’s Harmattan development in the Mediterranean: targeting first production USD 500 mn project
MEANWHILE will cut natural gas exports we reported three weeks ago
Maridive & Oil Services is separating the Egyptian- and foreign-creditor portions of its previous syndicated loan. bourse filing (pdf)
The debt-assignment terms include an early-repayment condition
IN CONTEXT- ahead of a potential acquisition
More choice on the subsidy card
The government’s planned cashbased food subsidy system would widen the basket beyond cooking oil, sugar, and pasta statement
REMEMBER- looked at the planned transition in June
Reuters also picked up the news.
Tycoon’s rights issue blocked
The Financial Regulatory Authority (FRA) has blocked Tycoon Investments Holding’s EGP 23.9 mn rights issue a statement (pdf)
Tycoon had already conceded the finding: a June response (pdf)
REFRESHER- a controlling stake of about 85% a 10-for-1 split EGP 1.09 mn
(** Tap or click the headline above to read this story with all of the links