Petsec Energy announced Friday that it has executed an agreement with Mitsui E&P Middle East to acquire its 8.5 percent Participating Interest in the Block 7, Al Barqa Permit, in the Republic of Yemen. The Mitsui agreement follows the agreement executed with AWE Limited announced March 28, to acquire AWE’s Participating Interest of 21.25 percent in Block 7.
Petsec Energy’s Chairman, Terry Fern, commented on the Agreement:
"We are pleased to have entered into this agreement with Mitsui to acquire their 8.5 percent interest in Block 7, thereby increasing our interest to 29.75 percent.This enlarged interest will provide a meaningful exposure to high value oil assets within a region that is highly prospective for oil. Block 7 has the potential to add significant oil reserves to Petsec Energy’s resource base and significant value to the Company’s shareholders. We look forward to working with the operator, Oil Search, to further appraise the Al Meashar oil discovery and explore the remainder of the Block. Petsec hopes to build upon this initial investment in the Republic of Yemen by seeking further reserve development acquisitions in the region".
On completion of the transaction the interests in Block 7 (Al Barqa) will be:
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