OSLO (AFX) - - DNO ASA said its joint venture group has been awarded a new exploration licence in Yemen following the latest bid round.
The Norwegian oil explorer said the award concerns block 84, which covers 731 sq km and is located in the Masila Basin, adjacent to the Canadian Nexen (nyse: NXY - news - people ) Masila Block, where more than one bln barrels of oil have already been discovered.
DNO will be operator of the block with a 34 pct stake, while its partners will be TG Holdings Yemen Inc with 33 pct, and Ansan Wikfs (Hadramaut) Ltd with 33 pct.
DNO said it plans to carry out a 3-D seismic program and the drilling of four exploration wells during the first exploration period of 42 months.
The latest award takes DNO's interests in Yemen to seven blocks