Business

Otis Energy Limited announces Yemen Block 7 transaction discontinued

National Yemen

oil rig in operates in Yemen

Under the terms of the agreement the longstop date for completion of the transaction was in April 24th 2014, and the parties entered into a period of 20 business days to seek an alternate means of affecting the transaction.

During the second quarter 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% working interest (10% 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 in April 24th 2014, 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.