Zagreb, December 5 – INA exercised its pre-emption right to acquire 50 percent stake at East Yidma concession in Egypt. By this INA has acquired additional 50 percent stake from German company RWE Dea AG and became a 100 percent operator at this concession. Due to this transaction, INA’s reserves in Egypt will be increased by 9 percent while the production level will be increased by 17,1 percent.
Besides that, INA signed an Agreement with RWE Dea Nile GmbH to participate in the exploration area of the concession Disouq, also in Egypt. Thus INA will enter this project as a partner with 50 percent stake in the last exploration campaign with estimated entitlement recoverable resources on these assets and in any future development lease that may be awarded in the Disouq Concession. Concretely this means that INA will, together with its partner at this concession, drill first joint well at the beginning of next year, on whose results further activities will depend.
Approvals for mentioned transactions are expected from the Government of Egypt.
INA participates in exploration activities in Egypt since 1989 while oil production started in 1994. INA holds interests in four hydrocarbon concessions in Western Desert of Egypt and it is operator of the Sidi Rahman and Rizk Development Leases of the East Yidma Concession, while it has nonoperator status in three other concessions (Ras Qattara, West Abu Gharadig and North Bahariya).