Hunt Oil Receives Contract Extension on Yemen Block

The Yemeni Cabinet has agreed to extend Hunt Oil's production sharing agreement until 2010 for the Marib block 18. The agreement was due to expire in 2005. Yemen would own all gas production from the block, one of Yemen's two main oil-producing blocks.

Hunt Oil currently produces 108,000 barrels of oil per day in Yemen, and the country's total crude production is approximately 440,000 bpd.