United Hydrocarbon International Corp, a privately held oil and gas company, is pleased to announce completion of the acquisition of a Production Sharing Contract ("PSC") in the Republic of Chad. The PSC includes 5.3 million acres across four blocks - DOC and DOD blocks in the Doba basin, the Lake Chad block in the Termit Trough and Largeau Block III in central Chad.
The Company recently completed a financing of $102,000,000 which included a brokered transaction of $30,400,000 by GMP Securities LLP. Funds were used to complete the acquisition of the PSC and for working capital to plan and commence operations on the acquired blocks.
John G F McLeod, President and Director of the Company, stated that, "Acquisition of this PSC, with 3 blocks in the prolific rift basins of central Africa, provides the Company an opportunity to develop oil production for export. The PSC includes four discoveries made by a previous operator and over 200 seismically defined leads that can be explored and developed by the experienced management team we have assembled. We have an exciting opportunity to create value for the Company, our shareholders and the Republic of Chad."
