Essel Group ME Expands Its Oil and Gas Portfolio by Partnering with Eos Petro

22-Feb-2018 Intellasia | BusinessWire | 3:40 PM Print This Post

LOS ANGELES–(BUSINESS WIRE)–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 BOPD 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.”

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.

Contacts

Essel Group ME
Kriti Ladsaria
+971 42793955
or
Finsbury
Dorothy
Burwell / Charles O’Brien
+44 (0)20 7251 3801

 


Category: BusinessWire, PRAsia

Print This Post

Comments are closed.