PETSEC SHARE INTEREST
BED. Petsec Energy has signed an agreement with fellow Australia-listed company AWE to gain the latter's participating interest in Yemen Block 7.
Petsec will take AWE's 21.25% participating interest in the block, also known as the Al Barqa permit, in exchange for a cash consideration of US$1 million, the replacement of AWE's existing letter of credit with the Arab Bank and working capital adjustments on completion.
"The signing of this agreement is the culmination of a number of years of strategic planning and marks the start of an expansion of Petsec's portfolio…
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