Otis Energy Drops Plan to Acquire 8.5% Stake in Yemen's Block 7
Otis Energy Limited, an Australian-based oil and gas development company, provided Thursday the following update on its acquisition of an interest in Block 7 in Yemen.
During the second quarter of 2013 Otis Energy Limited entered into an agreement with Mitsui E&P Middle East B.V. in relation to the acquisition of an 8.5 percent working interest (10 percent paying interest) in Block 7 in the Republic of Yemen.
Under the terms of the agreement, the longstop date for completion of the transaction was April 24, and the parties entered into a period of 20 business days to seek an alternate means of affecting the transaction.
After having discussion between Otis Energy Limited and Mitsui E&P Middle East B.V., the parties have agreed to end their agreement before expiry of the period of 20 business days. Otis wishes to thank the management and team from Mitsui E&P Middle East B.V. for their time, effort and professionalism during this period.
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