Epsilon Energy Provides Yemen Operational Update
Epsilon Energy on 12 March announced an operational update on its activities in Yemen’s Block 41. Government-owned Yemen Oil and Gas Company (YOGC) has signed the joint operating agreement on Block 41, which is now awaiting final approval by the Ministry of Oil and Minerals and the Petroleum Exploration Production Authority (PEPA), said Epsilon. Obtaining all of the necessary approvals can take up to 30 days. As a result of the delays in signing the joint operating agreement, Yemen Drilling Rig 2 has been contracted to another Yemen operator. Epsilon is in discussion with several other drilling companies and expects to contract a rig as soon as it has obtained its operators license. Epsilon is also investigating the option of adding an additional rig to catch up on its planned 2008 Yemen drilling program. Al-Waya 2, a step-out well to the Al-Waya 1 discovery well, will be the first well in a series of wells drilled on Block 41 by Epsilon. Three known productive oil zones – the Naifa, Madbi, and the Fractured Basement – will be tested by Al-Waya 2.
Copyright MEES 2008.
