On December 15th, 2016, GlobalConnect and Kuwait Energy signed farm-out agreement (FOA) allowing GlobalConnect to acquire 25% Participating Interest (PI) in the Abu Sennan Concession of Egypt Western Desert (out of the 50% PI held by Kuwait Energy at time of FOA). As a result, and as of December 31st, 2016; Kuwait Energy will remain with 25% PI and shall maintain operatorship. Other partners in the concession were Dover with 28% PI and Rockhopper with 22% PI. Deal was pending partners’ waivers of preemption rights which were soon granted, in addition to final approval of Egypt government (granted on September 9th, 2017 by form of execution of Deed Of Assignment) in accordance to Concession agreements. Rockhopper Egypt was later acquired by United Oil & Gas. Abu Sennan now grossly produces over 8,500 BOEPD after peaking at more than 14,000 BOEPD earlier in 2021.