O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea) ARBN - 055 079 868
COMPLETION OF SALE OF INTEREST IN BLOCK 3, YEMEN 31 December 2012 Oil Search is pleased to report that it has completed the sale of its 40% interest in Block 3 (Gardan) in Yemen to Total S.A. of France, for a consideration of US$44 million. As a part of this transaction, Total will assume Operatorship of Block 3.
Based on the current book value, an after tax profit from this sale of approximately US$28 million will be included in the 2012 full year results.
Commenting on the transaction, Peter Botten, Oil Search's Managing
Director said:
"The completion of the sale of Oil Search's interest in Block 3, Yemen is in line with our strategy to optimise our international acreage portfolio in the Middle East and North Africa, with a focus on licences with material upside. Drilling is currently underway on a large prospect in Kurdistan, with encouraging preliminary indications, and a high potential well in Tunisia is due to commence drilling in early 2013.
Oil Search's remaining asset in Yemen is its 34% interest and Operatorship of Block 7 (Al Barqa), which contains the Al Meashar oil field, discovered in 2010. The Company is planning to acquire a 2D seismic programme over prospective areas of the Block in 2013, subject to a stable and safe operating environment prevailing in this area."
Peter Botten, CBE Managing Director
For further information, please contact: Ann Diamant
Group Manager, Investor Relations
Tel: +61 2 8207 8440
Mob: +61 407 483 128
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia. Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
| distributed by |
| | |
|
vanessa marcil 49 ers frank gore frank gore nfl games jesus montero hiroki kuroda
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.