Petsec Energy

Petsec Energy has completed the acquisition of the participating interests of Mitsui E&P Middle East (8.5%) and AWE (21.25 %) in Block 7 of the Al Barqa permit in Yemen. The block is an onshore exploration permit covering 5000 km2 located approximately 340 km east of Sanaa, the capital. It contains the Al Meashar oil discovery and an inventory of leads and prospects with significant oil potential as defined by 2D and 3D seismic surveys. Oil Search (34%) remains the operator of the block, with the other interests held by Petsec Energy Yemen (29.75%), KUFPEC (Aden) (21.25%), and the Yemen General Corporation for Oil and Gas(15%).