Pakistan Grants Exploration Block to Hycarbex-American Energy

ISLAMABAD Dec 17, 2007 (Dow Jones Newswires)

Pakistan's government has granted a petroleum exploration license to US-based Hycarbex-American Energy Inc. for a block in Sindh province, according to government statement issued Saturday.

"Hycarbex will invest $6.3 million in the licensed Block No. 2667-8 (Zamzama North) covering an area of 1,229.23 square kilometers in Dadu and Nawabshah districts of Sindh province falling in (exploration) Zone III," said the statement.

The company already operates the Yasin Block in Sindh province, having invested more than $25 million. It has drilled six exploratory wells and recently made a gas discovery of 200 billion cubic feet reserves in the block, which would provide 30 million cubic feet gas per day.

Copyright (c) 2007 Dow Jones & Company, Inc.