China's United Energy Group Limited ("UEG") officially announced that it has completed the acquisition of Apex International Energy Holdings I on October 14, 2025. The transaction was successfully finalized after all conditions precedent under the Share Purchase Agreement (SPA) were satisfied, marking another important milestone in UEG's growth strategy.

This acquisition significantly strengthens UEG's business footprint in Egypt's Western Desert region, further consolidating its position as a key upstream player in the country. Through this transaction, UEG has obtained interests in multiple production and exploration concessions in the Western Desert. These assets are operated in partnership with leading international energy companies and span several mature fields as well as emerging exploration areas. Upon completion of the transaction, UEG's total operated and non-operated production in Egypt is expected to exceed 39,000 barrels of oil equivalent per day.

The acquisition not only enhances UEG's upstream portfolio but also provides a high-quality foundation for stable cash flow and long-term growth potential. The expanded portfolio includes producing assets with reliable output and promising exploration blocks. Going forward, the Group will focus on unlocking the full value of these assets through strategic investment, advanced technology, and efficient operations.

UEG paid about $157.6 million for Apex in the deal which closed on Tuesday, according to the Hong Kong Stock Exchange. Apex has been operating in Egypt since 2016.

UEG stated that the acquisition fully aligns with its strategic focus on resource-rich regions and strengthening core businesses. Leveraging the extensive operational expertise of its local subsidiaries, the Group will pursue the safe, efficient integration and value enhancement of these assets.