Australian oil and gas exploration firm Petsec Energy has agreed to acquire Mitsui E&P Middle East’s 8.5 per cent stake in Yemen’s onshore Block 7
The block is located in Al Barqa Permit in Yemen and covers an area of 5,000 sq km, 340 km east of Yemen’s capital Sana’a.
Petsec Energy’s interest has now increased to 29.75 per cent.
The block contains the Al Meashar oil discovery and contains an inventory of leads and prospects defined by 2D and 3D seismic surveys, which hold significant oil potential.
Terry Fern, chairman of Petsec Energy, said that Block 7 has the potential to add significant oil reserves to the company’s resource base and significant value to its shareholders.
“We look forward to working with the operator Oil Search to further appraise the Al Meashar oil discovery and explore the remainder of the block,” Fern added.
