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Petsec Energy increases stake in Yemen oil and gas block

Petsec Energy (ASX:PSA) is increasing its interest in the onshore Block 7 (Al Barqa) permit in Yemen to 29.75% though the acquisition of Mitsui E&P’s 8.5% stake for US$400,000.
It had in March acquired AWE Limited’s (ASX:AWE) 21.25% interest.

The 5,000 square kilometre oil and gas block is located 340 kilometres east of Yemen’s capital Sana’a.

It is operated by Oil Search (ASX:OSH) and contains the Al Meashar oil discovery as well as an inventory of leads and prospects defined by 2D and 3D seismic surveys with significant oil potential.

Besides the cash consideration, Petsec will also replace Mitsui’s existing Letter of Credit with the Arab Bank, and working capital adjustments on completion.

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