GlobalConnect Signs FOA with Kuwait Energy for 25% PI of Abu Sennan Concession

On December 15th, 2016, Sherif Foda – Founder & Chairman of GlobalConnect and Sara Akabar – CEO of Kuwait energy signed FOA to acquire 25% Participating Interest (PI) in the Abu Sennan concession of Egypt Western Desert out of the 50% PI Kuwait energy held. As a result of this deal, Kuwait Energy will remain with 25% PI and shall maintain operatorship. Other partners in the concession are Dover with 28% PI and Rockhopper with 22% PI. Deal shall be pending partners’ waiver of preemption rights in addition to final approval of Egypt government in accordance to Concession agreements.