yemen blocks get approval

We should be getting Y2 news very soon as well since they must be in the target zone by now, if not close to TD


Re: Yemen Government Ratification of two onshore exploration blocks
ARC Energy is pleased to announce that its two onshore exploration blocks have been ratified
by the Yemen Government – a signal that exploration activity is free to commence.
The blocks were awarded to ARC as part of an international consortium led by Oil Search
Limited in the 2005 International Bid Round.
ARC Energy holds a 21.25% working interest in both blocks which comprise Block 7 in the
Shabwah Basin and Block 74 in the Masila Basin. The blocks are located in areas with proven
petroleum systems and are considered highly prospective for oil.
The work program for both blocks during the initial three-year exploration period will comprise
reprocessing of existing data, acquisition of new 2D and 3D seismic and the drilling of at least
seven exploration wells.
Details on the timing of exploration activity, including the drilling of wells, will be advised once
the respective Joint Ventures have agreed work programs.
Participating Interests in Blocks 7 & 74 joint venture are:
ARC Energy Holdings Limited 21.25%
Oil Search (Yemen) Limited 34.00%
Kufpec (Aden) Limited 21.25%
Yemen General Corporation for Oil & Gas 15.00%
Adelphi Energy (Yemen) Limited 8.50%