Petra Petroleum Signs an LOI for Acquiring an Interest in an Exploration Concession in the UAE

摘要

The Canadian company Petra Petroleum announced on 15 October that it had signed a letter of intent (LOI) with a company operating in the United Arab Emirates (UAE) for the acquisition of an interest in an onshore exploration concession, without indicating the location of the acreage. The company indicated that the concession area was on trend with a number of existing producing oil and gas fields and that its evaluation of the project suggested the presence of a number of attractive, undrilled shallow and deep exploration prospects.