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Petrogas Kahil signs EPSA for Oman Block 55

MUSCAT, Oman -- Petrogas Kahil, a wholly-owned subsidiary of Petrogas Exploration and Production, has signed an Exploration and Production Sharing Agreement (EPSA) with the Government of the Sultanate of Oman for a 100% interest in Block 55, called the Kahil Block.

The EPSA is a six-year agreement comprising two phases. The first phase will be four years followed by the second phase which will be two years.

Block 55 was originally part of the Block 6, a PDO Concession. It comprises an area of 7,564 sq kms and is located in the Al Wusta region of Oman on the eastern flank of the prolific South Oman Salt basin. Block 55 has some 4,200 kms of vintage seismic, on which only four wells were drilled, the last in 1995. In the interim, an increase in geological understanding has resulted in the opening up of new hydrocarbon plays in Oman. Improvements in geophysical technologies coupled with the integration of the historic data, will allow for a speedy implementation of the Petrogas work program.

On behalf of the shareholders of Petrogas & MB Holding Company, Usama Al Barwani, Director, MB Holding Company, thanked His Majesty the Sultan and the Government of Oman for awarding Petrogas with the contract for Block 55.

Based on the evaluation of vintage seismic, well data and regional geologic studies, Petrogas envisages that it will be able to test a range of hydrocarbon plays. The conventional play targets will include the Cretaceous and the Permian units. The latter is expected to be similar to that in the adjacent Petrogas Operated “Rima Small Fields” area (part of a Petroleum Development Oman service contract). Frontier plays include the carbonate stringers embedded in Ara Group, and the Nafun play, which has proven to be productive elsewhere in Oman.

Petrogas will evaluate a series of geophysical studies to delineate the location and plan new seismic to be shot. The seismic will be shot as early as studies are complete in 2014 followed with a number of exploration wells.

The Company plans to immediately start the reprocessing of older seismic data and aero gravity and magnetic surveys early in 2014 in preparation for the seismic plan.



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