Egypt
Shareholding in a Canadian Upstream Company
Low costs and strong free-cash flows
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Bares Holding SA (“Bares”), an upstream SPV of BGN Energy Holding SA (100% ownership), acquired 19.97% (2nd largest shareholder) of a Canadian private energy company named Mediterra Energy Corporation (“MEC”). The acquisition is completed by July 2023.
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MEC has an Exploration and Production Service Agreement (Sudr, Matarma, Asl development leases) and a Concession Agreement (Komombo) in Egypt.
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Since the start of MEC’s operations, MEC has increased production by more than 20-fold. With continued focus and execution, the growth trend continues and has surpassed 22,000 bopd, all through the drill-bits making MEC the fastest organically growing E&P in Egypt.
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With over 400 development well locations booked (2P), MEC plans to drill 80+ wells for FY 2024 using 7 rigs. This level of activity makes MEC one of the most active E&P companies in Egypt.
