Beach Energy Ltd says it has purchased interests in two oil exploration concessions in Egypt for up to $33 million ($A36.15 million) over two years, AAP reported.
The company has struck deals for a 22 percent stake in the Abu Sennan Concession in Egypt’s Western Desert and a 15 percent interest in the Mesaha concession in southern Egypt.
The concessions, which include an undeveloped oil discovery, add to Beach’s existing North Shadwan and South East July concessions in Egypt, the company said in a statement on Wednesday.
First production from the NS-377 oil field in the North Shadwan concession is expected during the second half of 2010.
The Abu Sennan concession, 300km west of Cairo, covers approximately 1,600 square kilometers and contains four oil prospects to be drilled in fiscal 2011.
