Middle East Economic Survey

VOL. XLVIII

No 45

7-November-2005

YEMEN

Oracle Increases Holding In Yemens Block 22 To 15%

Canadas Oracle Energy Corporation has exercised its option to acquire an additional 8% interest in Yemens Block 22, taking its holding to 15%, the company said on 21 October.Block 22 is located on Yemens Red Sea coast adjacent to the border with Saudi Arabia.Oracle paid the Yemen Mayfair Petroleum Corporation (YMPC), which operates the block, $560,000 and issued 200,000 Oracle...