Hycarbex Inc obtained exploration licence

Islamabad: The government on Saturday granted petroleum exploration licence to Hycarbex-American Energy Inc over Block No 2667-8 (Zamzama north) covering an area of 1,229.23 sq. km in Dadu and Nawabshah districts of Sindh.

The Hycarbex Inc intends to make an investment of $6.30 million in the aforesaid block falling in Zone-III to carry out geo/technical studies, acquisition, processing and interpretation of 300 L. kms 2D seismic survey and drilling three exploratory wells during Phase-I of the initial period of three years.

The Hycarbex Inc is engaged in petroleum exploration activities in Pakistan since 1995. As operator of Yasin block in Sindh and with an investment of over $25 million, it has carried out extensive seismic surveys and has established a data bank comprising about 700 2D line kms.

Besides seismic work, it has drilled six exploratory wells and has recently made a gas discovery of commercial standing at Haseeb structure in the block. The signing ceremony was held in the presence of Caretaker Petroleum and Natural Resources Minister Ahsan Ullah Khan.

The licence and the petroleum concession agreement were signed by Petroleum Secretary Farrakh Qayyum on behalf of the President of Pakistan, Petroleum Concessions Director-General Mohammad Naeem Malik and Hycarbex Inc President/Chief Executive Officer Dr Iftikhar Zahid.