Google Alerts - MUMBAI: IVRCL, 12 Nov- Infrastructures & Projects has signed a share purchase agreement to acquire 100 per cent stake in Hyderabad based Alkor Petroo, an unlisted oil and gas E&P company.

Alkor has five exploration blocks in Yemen and Egypt, along with Gujarat State Petroleum Corporation and others. The three blocks in Yemen are Block No. 19, 57 and 28 in Marib Shabwah Basin, Rub Al Khali Basin and Balhaf Basin, respectively.

Block 19 has an estimated resource potential of about 143 mmbblls of oil and 17 bcf gas, as evaluated by an international agency. Alkor has 25 per cent participating interest in each of the three blocks.

Based on the best estimates of the resources from an internationally reputed agency, Block 19 of Yemen and Block 6 of Egypt, have the potential to earn revenues of over $1 billion during the life of the respective blocks.

Gujarat State Petroleum Corporation is the operator for all the five blocks. The company will be investing about $50 million during the exploration phase.

On BSE today, IVRCL infrastructure shares closed down 4.57 per cent at Rs 497.35.