FCP terminates farmout agreement with Nexen Yemen

Sep 14, 2001 02:00 AM

First Calgary Petroleums (FCP) has terminated a farm out agreement covering Block 43 in the Republic of Yemen with Canadian Nexen Yemen. The company said certain closing conditions had not being satisfied.
FCP added that it had elected to proceed to the Second Exploration Phase of Block 43 undertaking to drill at least two additional wells. To assist in financing, it has signed a Memorandum of Understanding with Norway's DNO which will partner and operate the Block.

The MoU is subject to the parties entering into a farm in agreement. The Yemen Ministry of Oil and Minerals has granted its preliminary approval to DNO's participation in Block 43.

Source: Energy24
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