document: Eni has been pre-awarded the West Sherbean Onshore block, following the announcement of the winners of the EGAS 2018 International Bid Round on 12 February 2019. SDX was the sole competing bidder for the acreage. The 1,538 sq km block is located in the Nile Delta Basin and lies adjacent to the Abu Madi and Nile Delta concessions, in which Eni holds 37.5% and 50% equity respectively. Work commitments include expenditure of US$ 18 million and two wells in the initial exploration period. A US$ 5 million signature bonus will be paid. Upon PSC signature, Eni will operate the concession with 50% equity, in partnership with BP (50%).
summary: Eni has been pre-awarded the West Sherbean Onshore block, following the announcement of the winners of the EGAS 2018 International Bid Round on 12 February 2019. SDX was the sole competing bidder for the acreage. The 1,538 sq km block is located in the Nile Delta Basin and lies adjacent to the Abu Madi and Nile Delta concessions, in which Eni holds 37.5% and 50% equity respectively. Work commitments include expenditure of US$ 18 million and two wells in the initial exploration period. A US$ 5 million signature bonus will be paid. Upon PSC signature, Eni will operate the concession with 50% equity, in partnership with BP (50%).