Papua New Guinea's Oil Search sells 30% of Egypt operations to Petrogas
By Andrew Harrison
Last Update: 7:29 AM ET Nov 8, 2007
PrintPrint EmailE-mail Subscribe to RSSSubscribe to RSS DisableDisable Live Quotes
MELBOURNE (MarketWatch) -- Papua New Guinea-based Oil Search Ltd. (OSH.AU) said Thursday it has agreed to sell a 30% interest in its Area A allotment in the Eastern Desert of Egypt to Petrogas E&P LLC.
Petrogas will make a cash payment and reimburse 30% of past costs and carry Oil Search's 70% share of costs for the next three exploration wells and two further wells. Oil Search didn't disclose any other financial details.
The transaction, which is conditional on approval by the Egyptian Government, is expected to take about two months to complete, Oil Search said in a statement.
Petrogas is a privately-owned company based in Oman with interests in the Middle East and Asia.

http://www.marketwatch.com/news/story/
papua-new-guineas-oil-search/story.aspx?guid=%
7BA49AC8AD-70BC-4266-9821-D7FC1DC76330%7D