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Shell inks deal to sell onshore upstream interests in Egypt

Shell Egypt and one of its affiliates have signed an agreement with a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC to acquire Shell’s upstream assets in Egypt’s Western Desert for a base consideration of $646 million and additional payments of up to $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.

The transaction is subject to government and regulatory approvals and is expected to complete in the second half of 2021.

IamFire plc (AQSE:FIRE) is an Investment Issuer Listed on the AQSE Growth Market Exchange. The company has an investment strategy focused on the identification of opportunities in Life Sciences, Technology & Natural Resources.

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