By OGJ editors
HOUSTON, Sept. 13 -- Kulczyk Oil Ventures Inc. reported that MENA Hydrocarbons (Syria) Ltd., a wholly owned subsidiary of MENA Hydrocarbons Inc., agreed to participate with Kulczyk Oil in exploration of Syria Block 9.
Under the terms of an agreement with Loon Latakia Ltd., a wholly owned subsidiary of Kulczyk Oil, MENA will acquire a 30% interest in Block 9 by repaying to Kulczyk Oil 30% of $10.4 million in costs incurred to date.
MENA also will fund 60% of the costs for the drilling of the first exploration well on Block 9.
MENA is a private international company focused on resources in the Middle East and North Africa. It currently operates a development concession in Egypt.