PICO Cheiron Signs SPA for West El Burullus Concession

PICO Cheiron Group signed a sale and purchase agreement for the West El Burullus Concession in August 2016, subject to the completion of a number of requirements. West El Burullus is a shallow-water gas Development Lease located in the western part of the Nile Delta Basin, next to major producing fields such as the Rosetta Gas Field (25 km to the northeast). The concession is expected to add some 192 bcf to PICO Cheiron’s reserve base.