ECONOMY

Aegean Energy to buy second exploration license for Egypt

Aegean Energy SA, the country’s only operator of oil and gas production, said it will acquire a second exploration license in Egypt. The Greek company will acquire a 70 percent interest in onshore drilling in the West Kom Ombo block, located in the Nubian Desert in Upper Egypt, some 100 kilometers west of the city of Aswan. No financial details were disclosed. ‘We will aim to… drill the first exploration well in the last quarter of 2010,’ said Mathios Rigas, managing director of Aegean Energy. Aegean Energy will initially acquire a 60 percent interest from Groundstar Resources Egypt before later increasing it.