Canadian oil firm to look for oil in the UAE
Petra Petroleum signs LOI for a onshore fields near Sharjah in the UAE
Canada-listed oil and gas exploration firm Petra Petroleum announced that it has entered into a letter of intent with an operating company in the United Arab Emirates (UAE) to acquire a large participating interest in an onshore exploration concession.
The onshore concession area lie on-trend with numerous existing producing oil and gas fields, near to Sharjah.
The concession is expected to include large number of undrilled shallow and deep exploration prospects, according to the company's evaluation on the project.
Robert Lambert, president and CEO of the Corporation, commented: “The acquisition of this license interest is another important step for the Corporation in building an exploration portfolio within our focus areas of Europe, Africa and the Middle East. In addition we are continuing to seek other opportunities to create a diversified exploration and production portfolio and asset base.”