Kuwait Energy has farmed out a 15% interest in Block 9, Iraq to Dragon Oil. Kuwait Energy will reduce its interest to 45% and Dragon Oil will increase its stake to 45%.
The 15% will be made up of the following:
8.57% for USD100 million cash;
6.43% in settlement of a dispute in favour of Dragon Oil
Full press release by Kuwait Energy follows:
Kuwait Energy Company is pleased to announce the signing of the Block 9, Iraq Farm-out Agreement with Dragon Oil Plc (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the national oil company...
