Almotamar.net, Financial Post
- Epsilon Energy Inc. got one step closer to the start of drilling at the Al Waya 2 well in the Republic of Yemen Friday, after government officials approved a production sharing agreement, naming Epsilon the official operator of Block 41, an oil and gas concession area that covers approximately 5,600 square kilometers inside the middle east country.
"Epsilon is on the verge of completing all of the bureaucratic hurdles necessary to becoming an operator of Block 41. We are ready to commence drilling operations on the Al Waya 2 well, a step-out well that will test three oil zones; the Naifa, Madbi and Fractured Basement, as soon as this is done," Fred Zaziski, Epsilon's president said in a statement.
The company added that it is now only waiting for the government to process the paper work to formally recognize the company as the official operator of the Block 41 production sharing agreement. It expects that to happen shortly.
Investors took kindly to the news, driving shares in the company up more than 9% or 27¢ to $3.02 just after 11 a.m. ET.
Source: FIANCIAL POST