DNO Expands Exploration Portfolio in Oman, Yemen

DNO International reported Wednesday that it has expanded its exploration portfolio in Sultanate of Oman and the Republic of Yemen. The firm said it has been selected by the Yemen's Ministry of Oil and Minerals as a successful bidder for onshore Block 84, while it has entered into a separate farm-in deal with respect of Block 36 onshore Oman.

DNO Yemen has been awarded a 59.5-percent participating interest and operatorship of Block 84, so joining Turkey's Dogan Enerji Yatirimlari Sanayi ve Ticaret, which has a 25.5-percent stake in the block, and the state-controlled Yemen Oil and Gas Corporation with 15 percent.

The Block 36 farm-in agreement sees the transfer to DNO Oman of a 75-percent participating interest from Allied Petroleum Exploration. The company will assume operatorship and fund reprocessing of existing 2D seismic data along with the acquisition of new seismic data as well as the drilling of two exploration wells.

DNO Executive Chairman Bijan Mossavar-Rahmani commented in a company statement:

"Block 84 in Yemen and Block 36 in Oman expand our footprint in two core areas in which we have extensive subsurface knowledge and operating history. And we are building up our pipeline of exploration prospects with a focus on materiality and early execution."

Block 36 is located in the Rub al Khali basin. Two exploration wells previously drilled on the block have confirmed the presence of source rock in the basal Silurian hot shale – an organic, rich shale that has sourced the majority of the oil and gas fields discovered in the Arabian Peninsula and North Africa.

Block 84, onshore Yemen, is located in the Masila-Seiyun Basin, which is adjacent to Block 14 where more than one billion barrels of oil have been discovered.

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