Australia's Petsec Energy (the Company) disclosed Wednesday that it has completed the acquisition of both the Mitsui E&P Middle East B.V. (8.5 percent) and AWE Limited (21.25 percent) Participating Interests in the Block 7, Al Barqa Permit, in the Republic of Yemen – combined 29.75 percent Participating Interest in Block 7.
Block 7 is an onshore exploration permit covering an area of 1,235,527 acres (5,000 square kilometers) located approximately 211 miles (340 kilometers) east of Sana’a, the capital of Yemen. The block contains the Al Meashar oil discovery as well as an inventory of leads and prospects defined by 2D and 3D seismic surveys, which hold significant oil potential.
Petsec Energy’s Chairman, Terry Fern, commented on the acquisition:
“We are pleased to have concluded both the acquisition of the Mitsui and the AWE interests in Block 7. The acquisition of these interests in combination with the anticipated conclusion of the acquisition by the Company of Oil Search (ROY) Limited, which holds a further 34 percent Participating Interest and is the designated operator of the block, will provide a significant exposure to high value oil assets within the MENA (Middle East North Africa) region that are highly prospective for oil. Block 7 has the potential to add significant oil reserves to Petsec Energy’s resource base and substantial value to the Company’s shareholders."
The Company intends to build upon this initial investment in the Republic of Yemen by seeking further reserve development acquisitions in the region”.
The current interests held in Block 7 (Al Barqa) are as follows:
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