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Essel Group ME
Essel Group ME expands its oil and gas portfolio by partnering with Eos
Petro
22-Feb-2018 / 07:00 GMT/BST
*February 22, 2018*
*Essel Group ME expands its oil and gas portfolio by partnering with Eos
Petro *
Essel Group ME ("EGME") is pleased to announce its new partnership and
significant equity investment into Eos Petro, an international oil and gas
exploration and production ("E&P") company. The partnership with Eos Petro
brings high-potential, producing assets and significant industry expertise
to EGME.
- Established in 2011 and based in Los Angeles (US) Eos Petro is one of
the most efficient and technologically advanced drilling E&P companies in
the world. EOS's Management has continually demonstrated its ability to
acquire, develop, and monetize oil and gas properties, completing more
than $1.5 billion of A&D
- Eos Petro's primary strategy is to grow through accretive acquisition by
taking advantage of current market conditions, plus additionally in
focusing on acquiring and leasing properties in known oil fields,
extending life and adding reserves through cost cutting, enhancing
production, and evaluating and developing multi-pay zones
Eos Petro identifies producing assets in the US and internationally which
have superior economics and offer scalable exploitation and development
opportunities. The company owns the asset in the Illinois basin and is
currently evaluating two producing assets in the US, both of which have
significant proven, undeveloped reserves.
Eos Petro has partnered up with "MRRF/ SOLVENZ" to finance and complete its
acquisition.
- The 'Illinois Works Property' is a 700-acre onshore site in the US that
Eos Petro has owned and operated since 2011. It has proven reserves of
290,000 barrels and probable reserves of 600,000 and the potential to
reach 400 barrels of oil equivalent per day (BOPD) from a current rate of
65 BOPD
- Eos Petro is in the process of completing the purchase of the WEFS
assets in the Eagle Ford area from Crimson Energy Corp., in 2018
comprising of 26 producing wells over 12,000 net acres with proved and
probable reserves PV10 value of $1.5 billion. Eos's incoming management
team has already identified opportunities to triple current production
from 2,900 BOPD to 9,000 bodp by the end of third quarter of 2018, by
spending over $60million in new development capital
- Eos Petro is also exploring a 1.8 square miles project in offshore
Ghana, where its application is under review
EGME will support Eos Petro in bringing the Texas and Illinois assets to
full production, and in further developing the company's E&P activities.
*Gagan Goel, Managing Director, Essel Group ME said, *_"I am delighted to
welcome Eos Petro to the Group. Together we have the expertise and funding
needed to unlock the huge potential of this business and its producing
assets. This acquisition marks another important step for EGME as we expand
our global portfolio of high-quality natural resources assets."_
*Nikolas Konstant, Chairman, Eos Petro said,* _"I speak on behalf of all my
colleagues when I say how excited we are to join Essel Group ME. EGME is the
perfect partner for us as we take the business into its next stage of
growth." _
*For further information please contact:*
+-----------------------------------------+--------------------+
|*Kriti Ladsaria, Essel Group ME * |*+971 42793955* |
+-----------------------------------------+--------------------+
|*Dorothy Burwell / Charles O'Brien, |*+44 (0)20 7251 |
|Finsbury* |3801* |
+-----------------------------------------+--------------------+
*About Essel Group ME*
Essel Group ME ("EGME") operates subsidiary businesses in the natural
resources, nuclear energy, financial services, industrial supply and
logistics, and education sectors. Its natural resources portfolio includes
oil and gas, potash and iron ore assets. EGME pursues growth through the
acquisition of underdeveloped assets at competitive valuations. Currently,
its anchor assets are located across Africa, where there is significant
potential and a competitive cost environment.
EGME is a part of Essel Group, the Indian multinational conglomerate
operating in a broad spectrum of industries including media, packaging,
infrastructure and technology. Building on Essel Group's 90 year history of
developing and promoting businesses, EGME is leading the expansion of the
Group's presence in Europe, the Middle East and Africa.
For further information, please visit www.esselgroupme.com [1].
Dissemination of a FINANCIAL NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
656433 22-Feb-2018
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(END) Dow Jones Newswires
February 22, 2018 02:00 ET (07:00 GMT)
