Towards an announcement made on the 10th of August 2015, Beach Energy  an Australian-based company engaged in oil and gas exploration, development and production, entered into an agreement with Rockhopper Exploration an AIM listed oil and gas exploration company based in the UK in relation to the sale of its wholly-owned affiliated company,Beach Petroleum (Egypt), whose core asset is a 22% interest in the Abu Sennan Concession in Egypt. The completion of the sale was subject to satisfaction of certain conditions precedent, including waiver or non-exercise of pre-emptive rights held by existing joint-venture parties in relation to the Abu Sennan Concession. Following the announcement, Beach received a notice of the exercise of pre-emptive rights by one of the existing Abu Sennan Concession joint-venture parties.

Due to this, the conditions precedent for the sale of Beach Egypt cannot be satisfied and the sale of Beach Egypt to Rockhopper will not proceed. The Abu Sennan Concession pre-emption period according to Energy-pedia, is to expire on the 16th of October 2015.

By this, the ultimate pre-empting party or parties will have been confirmed. Completion of the sale of the interest in the Abu Sennan Concession under the pre-emption arrangements is subject to Egyptian government approvals. The acquiring party or parties will however pay to Beach US$20.4 million in cash for the interest in the Abu Sennan Concession (subject to adjustments).