By the OGJ Online Staff
HOUSTON, Aug. 24 -- Pakistan awarded Hycarbex-American Energy Inc. the Yasin concession in the Sindh province of Pakistan, said Hycarbex parent company The American Energy Group Ltd., Houston.
Hycarbex will spend $2.4 million over 3 years to explore and test the 1,212 sq km concession. It will shoot at least 100 km of 2D seismic data, evaluate 150 km of older 2D data, and drill one exploration well to test the Sui Main Limestone formation for gas.
The company has also applied for two concessions nearby.
The Bahadurpur concession, which covers 212 sq km, is east of the Yasin concession. The 4,765 sq km Miro Khan concession is west of Yasin on the western flank of Jacobabad concessions formerly held by Hycarbex.
Hycarbex gave up the Jacobabad concession in favor of the Yasin concession, said The American Energy Group. Information gained from four exploration wells and more than 300 km of seismic led the company to transfer its attentions to these blocks.
The American Energy Group also said it has finalized a settlement with Northern Lights Energy Ltd. after backing down from a deal to sell its Texas oil and gas leases, all equipment, and 100% of the common stock of its operating subsidiary, American Energy Operating Co., to Northern Lights Energy Ltd. for $4 million. The sum involved was not released.
