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DNO grabs energy assets in Yemen, Oman

July 11, 2013 at 8:11 AM   |   Comments

OSLO, Norway, July 11 (UPI) -- Norwegian energy company DNO International said it expanded its international exploration portfolio through acquisitions in Yemen and Oman.

The Yemeni Ministry of Oil and Minerals declared the national subsidiary of DNO was the successful bidder for operations at Block 84 through a partnership with Turkish and state companies.

DNO said it holds interest in five onshore blocks in Yemen and expects to drill two exploration wells during the initial phase of operations at Block 84. It gave no indication of reserve potential.

In Oman, the company said it will assume operatorship and fund developments for two exploration wells. The company said there may be more than 100 million barrels of resources available in those areas.

"Block 84 in Yemen and Block 36 in Oman expand our footprint in two core areas in which we have extensive subsurface knowledge and operating history," DNO Executive Chairman Bijan Mossavar-Rahmani said in a statement Wednesday. "And we are building up our pipeline of exploration prospects with a focus on materiality and early execution."

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