Canada-listed oil and gas exploration firm Petra Petroleum Inc. (the Corporation) announced that it has entered into a letter of intent with an operating company in the United Arab Emirates (UAE) in respect of an opportunity to acquire a large participating interest in a highly prospective onshore exploration concession. The concession area in the UAE lies on-trend with a number of existing producing oil and gas fields and the Corporation’s evaluation of the project area suggests the presence of a number of attractive undrilled shallow and deep exploration prospects. The timing of the acquisition is dependent on satisfactory completion of further definitive transactional documentation, including a Sale & Purchase Agreement, as well as final detailed due diligence, regulatory approval and board approval from both Parties.
Robert Lambert, president and CEO of the Corporation, commented: “We are delighted to have secured access to this highly promising onshore exploration concession, which is on trend with a giant producing field in nearby Sharjah and in a region of proven petroleum potential. The acquisition of this license interest is another important step for the Corporation in building an exploration portfolio within our focus areas of Europe, Africa and the Middle East. In addition we are continuing to seek other opportunities to create a diversified exploration and production portfolio and asset base.”
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