No. 26



First Calgary Petroleums Farms Out Yemen Block 43 To Nexen

First Calgary Petroleums Ltd (FCP) announced on 13 June that it had entered an agreement with Canadian Nexen Yemen Ltd (formerly CanOxy Yemen) to farm out the 2,717 sq km Block 43 (South Howarine) in Yemens Hadhramaut region (see Map, MEES, 11 December 2000). Under the terms of the agreement, which is subject to approval by Yemens Ministry of Oil and Minerals, Nexen will post a $7.5mn letter of credit...