Hunt Oil Awarded Exploration License Offshore Oman

The Government of the Sultanate of Oman and Oman Hunt Oil Company signed an Exploration and Production Sharing Agreement for the exclusive right to carry out petroleum exploration and production operations in the Block 50 Area of offshore Oman.

The Agreement will be effective upon issuance of the Royal Decree by His Majesty The Sultan of Oman ratifying the agreement. A spokesman for Hunt Oil Company says operations are expected to commence soon after the contract becomes effective.

The Block 50 Area comprises approximately 5,500,000 acres and is located offshore Oman.