Otis Energy Signs Agreement with Mitsui E&P

Source: www.gulfoilandgas.com 5/28/2013, Location: Middle East

Otis Energy Limited is pleased to announce that it has signed an Agreement with Mitsui E & P Middle East B.V. in relation to its 8.5% Working Interest (10% paying interest) in the Block 7 Permit in Yemen.

About Yemen Block7
Block 7 is located approximately 400km west of the capital of Yemen, Sana’a, and covers an area of 2950 square kilometres. The block is operated by Australian listed company Oil Search Limited. To date ten wells have been drilled in the Block with two wells testing oil to surface, Al Meashar 1 and 2.

About the Agreement and Process
The signing of the agreement, which is in essence a conditional offer to Mitsui, is the first stage in a confidential process defined by the Joint Operating Agreement for Block 7.

Having signed the agreement, the confidential process defined by the Joint Operating Agreement is triggered and the Company now awaits the completion of that process to determine whether it can proceed toward the acquisition of the interest in Block 7. Completion of the acquisition is subject to effective approval from the remaining Joint Venture Partners and thereafter approval from the Yemen Government. Whilst the Company is confident it will be successful in acquiring the particular interest in Block7, the process remains incomplete.

Otis Managing Director Barnaby Egerton Warburton said: “We are very pleased to have made this offer to Mitsui and look forward to the successful completion of a transaction and the development of a long term relationship with Mitsui’s highly professional Middle East Teambased inDubai. Thisisthe culmination of a number of years of reviewing opportunitiesin the region and the beginning of an exciting period of growth and expansion of our portfolio.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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