TransGlobe Takes Stake in Another Yemen Block
TransGlobe Energy Corporation announced a joint venture with Occidental of Yemen (Block 75), LLC on Block 75 in the Republic of Yemen.
Block 75, Republic of Yemen (25% working interest)
TG Holdings Yemen Inc., a wholly owned subsidiary of TransGlobe Energy Corporation, has agreed to participate at a 25% working interest with Occidental in Block 75. Occidental is the operator of Block 75 with a 75% working interest. Block 75 was awarded to Occidental of Yemen (Block 75), LLC in the Second International Bid Round for Exploration and Production of Hydrocarbons. The Production Sharing Agreement was initialed on January 28, 2007 and is now in the process of final government approval and ratification by parliament.
Block 75 encompasses 1,050 square kilometers (approximately 262,500 acres) and is located in the Marib Basin adjacent to Block S-1 where Occidental and TransGlobe are engaged in exploration and production operations. The Block 75 joint venture group plans to carry out a 3-D seismic acquisition program and the drilling of one exploration well during the First Exploration Period of 36 months.
With the addition of Block 75, TransGlobe is now participating in five areas in the Republic of Yemen (two Development Blocks and three Exploration Blocks). TransGlobe holds interests in over 1.32 million gross acres in the Republic of Yemen (366,000 net acres) and 5.4 million acres in The Arab Republic of Egypt (2.7 million net acres). TransGlobe is a growth oriented international energy company engaged in the exploration, development and production of crude oil and natural gas in the Republic of Yemen, the Arab Republic of Egypt and Alberta, Canada.
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Company: Occidental Petroleum more info
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