Dusty Mac Oil & Gas Ltd. Receives Favorable Review for Yemen Oil Concession Proposal

Strategic Insights -

Dusty Mac Oil & Gas Ltd., a Canadian oil and gas exploration company, has received a positive review from the Yemeni Technical Committee (MOMR) for its proposal to explore an oil concession in Yemen. Although a final decision from the Ministerial Oil Committee is still pending, the company remains optimistic and confident about the outcome. Meanwhile, the company is pursuing the development of its US prospects, including the South Evetts field and the Madera Prospect, while also exploring international opportunities.

Key Takeaways:

  • Dusty Mac Oil & Gas Ltd. has received a favorable review from the Yemeni Technical Committee (MOMR) for its oil concession proposal in Yemen.
  • The final approval for the concession is pending from the Ministerial Oil Committee.
  • The company has been assured by its Agent, the Al-Ahmar Group, that its proposal has been well received and that no new concession agreements have been finalized due to delays in the Ministry.
  • The company is currently producing approximately 223 BOPD and 200 MGF of natural gas from its South Evetts field.
  • The Madera Prospect is producing a total of 1.65 MMCF/pd and 70 Barrels Condensate/pd.
  • The company is planning to participate in the following test or re-entry wells: [specific wells not mentioned in the text].
  • Management plans to aggressively pursue the development of its US prospects and acquisition of international prospects in 1996.
  • The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy of this news release.

Statistics:

  • 223 BOPD (Barrels per day) of oil production from the South Evetts field.
  • 200 MGF (Million standard cubic feet) of natural gas production from the South Evetts field.
  • 1,650,000 CF/day (MMCF/pd) of natural gas production from the Madera Prospect.
  • 70 Barrels Condensate/pd (per day) production from the Madera Prospect.
  • 1996: planned year for pursuing the development of US prospects and acquisition of international prospects.

Sources:

  • Dusty Mac Oil & Gas Ltd. media release, issued on behalf of the board of directors by Richard L. Coglon, president.
  • Technical Committee (MOMR)
  • Ministerial Oil Committee
  • Vancouver Stock Exchange