Australia-listed Petsec Energy has increased its interest in Block 7 in Yemen to 100% after agreeing a deal with partner Kufpec.
Petsec said Tuesday it had signed an agreement to acquire Kufpec’s 25% interest in the block which contains the Al Meashar oil discovery.
It follows on from deals in recent years which have seen Petsec acquire stakes from previous partners such as Oil Search, AWE and Mitsui.
Following the completion of the Kufpec and Oil Search deals, which are still subject to government approvals, Petsec will hold a 100% interest in Block 7.
The onshore exploration permit covers 5000 square kilometres and, along with the Al Meashar discovery, contains an inventory of leads and prospects defined by 2D and 3D seismic surveys which Petec says have significant oil potential.
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