Apex International Limited

active

Apex International Energy (“Apex” or “the company”) is an independent oil and gas exploration and production company founded in April 2016, by former senior members of the Apache Corporation management team.  The company is currently staffed by 19 full time employees and an additional 9 part-time or contracted staff located at the company’s offices in Houston, USA, and Cairo, Egypt. Apex is seeking to build a portfolio of assets with particular focus toward the Egyptian onshore market, through asset acquisitions, capital investments in drilling, infrastructure, production enhancement and exploration. Apex will also pursue farm-in transactions and participate in new concession bid rounds.  Additionally, Apex will look to grow within the Middle East, North Africa region should the opportunity arise.IFC and AMC’s proposed investment is to place up to $100m in equity to support the as yet largely undefined acquisition, exploration and development of assets and related oil and gas infrastructure.  On 1st December, 2016, Apex was awarded Blocks 8 and 9 by the Egyptian General Petroleum Corporation following the 2016 concession bid round.  The blocks are both located within the Abu Gharadig Basin in Egypt’s Western Desert covering 6,714 square kilometres in total, specifically:Block 8, West Badr el Din: The block lies within the western part of the Abu Gharadig basin in the central Egyptian Western Desert and covers an area of approximately 4,180 km2. Exploration in the Abu Gharadig Basin started in the late 1950’s with Sahara Petroleum Company drilling the first well in the area.  Amoco explored in the area from 1965 to 1979, and discovered the Abu Gharadig and Abu Gharadig NE Fields. Shell Egypt acquired a large area of the basin from 1979 to 1990, and made a number of discoveries before relinquishing the remaining exploration areas.  A number of seismic surveys have been acquired in the block (approximately 11,250 km of 2D seismic and 3,400 km2 of 3D seismic) and 25 exploration wells have been drilled since the 1950’s.  Block 9, South East Meleiha: The block is located in the northwestern part of the Abu Gharadig basin. The block covers an area of approximately 2,535 km2 and contains approximately 7,100 km of 2D seismic lines and 700 km2 of 3D seismic.  In addition, 9 exploration wells have been drilled.  Previous owners IEOC and HBS made discoveries between 1995 and 2002.  These discoveries were subsequently brought on production and no longer form a part of the South East Meleiha exploration area.As noted previously, Apex were awarded the blocks on December 1st 2016, and are currently planning exploration activities that will commence following approval of the block award by the Egyptian parliament.  Apex has committed to invest $27 million during the first exploration phase, which will include acquiring and reprocessing 3D seismic data and drilling six exploration wells within the two blocks.  Neither of the blocks is located within an ecologically protected area.