Epsilon Energy has provided an update on its Oman operations.
Epsilon today announced that it has sent a letter to the Ministry of Oil and Gas, Sultanate of Oman stating that Epsilon is withdrawing from the Exploration and Production Sharing Agreement ("EPSA") covering Block 55, where it is the official operator.
Mr. Zoran Arandjelovic, Epsilon's Executive Chairman, President and CEO, stated, "For the past nine months we have been working on bringing in industry partners, raising additional capital, or a combination of both to fund the exploitation of our Oman Block 55 concession. Unfortunately all of these efforts have been unsuccessful. Today the Board of Directors of Epsilon has instructed management to notify the Ministry of Oil and Gas, Sultanate of Oman, that Epsilon is withdrawing from the previously signed EPSA."
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