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Exploration and Production Sharing Agreement for Block 42

Source: www.gulfoilandgas.com 10/11/2011, Location: Middle East

Exploration and Production Sharing Agreement for Block 42 was signed at the Ministry of Oil and Gas between the Government of the Sultanate of Oman and Oman Oil Company Exploration & Production LLC. His Excellency Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas signed the agreement on behalf of the Government of the Sultanate of Oman. Mr Salim bin Zahir Al Sibani, Chief Executive officer of Oman Oil Company Exploration & Production, signed on behalf of the company. Representatives from the Ministry and the Company were present at the signing ceremony.

Block 42 has been identified as a suitable starting point to implement OOCEPís goal to conduct exploration operations in Oman. The block covers an area of about 25,600 km2 . Previous exploration wells in the block indicated hydrocarbon shows, and OOCEP plans to further assess their prospectivity.

The commitments of the company under this agreement are to acquire new seismic data, and drill one exploratory well, in the initial phase, stipulated for three years. The Ministry of Oil and Gas wishes the company's efforts success in further increasing the hydrocarbon reserves base of the country.

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