document: On 12 November 2018, Eni announced that it had signed an agreement with Mubadala for the sale of 20% stake of the Nour North Sinai (Nour) exploration block, East Nile Delta. The completion of the transaction is subject to the fulfillment of certain standard conditions, including all necessary authorizations from Egyptâs authorities. This signing was made while Eni is drilling ahead the Nour 1 wildcat in the block.  Eniâs CEO, Claudio Descalzi, said: âThis transaction strengthens our partnership after the successful relationship in Zohr and confirms Mubadala Petroleumâs trust in Eniâs robustness as operator, both in projects development and exploration activities.â  Eni was drilling ahead the Nour 1 wildcat in the Nour exploration block in early November 2018. The well was spudded on 26 September 2018, with Saipemâs âScarabeo-9â S/S in 295 m of water. It has a planned TD of 5,800 m and primary objective in the carbonate/cretaceous play found in the Zohr field.    The well will also test the extension of the Pliocene Kafr El Sheikh Formation to the eastern part of Nile Delta as well as the Oligocene play.    Eni is the operator of the block with 85% interest and Tharwa Petroleum Company holds the remaining 15%.  Background information    On 14 August 2018, Eni announced that it was awarded the Nour exploration block in the East Nile Delta. The block, which is located some 50 km offshore, covers 739 sq km in water depths ranging from 50 to 400 m.   Eni and partners are committed to spend USD 105 million for the drilling of two wells.
summary: Mubadala has signed an agreement to acquire 20% interest to in the Nour (North Sinai Offshore) block, 739 sq km from Eni (65%, op, Tharwa Petr 15%) in WD=50-400m.