Prize loses Bakrol deal but pursues Egypt opportunity

Vol 6, PW 21 (18 Dec 02) News in Brief

Selan Exploration has backed out of a deal to sell a minority stake in its Bakrol oilfield to Hindustan Petroleum's upstream arm Prize Petroleum.

A source tells this report both sides were ready to sign the documents when Selan boss Rohit Kapoor called it off "virtually at the last minute." Prize had agreed to pay $1.5m for a 25% equity stake at the 36-sq km onland field. Bakrol produces 140 b/d of 32.7 degrees API and holds approximately 490,000 barrels of recoverable oil.

Prize meanwhile is pursuing efforts to acquire two small oilfields in Egypt's Gulf of Suez from Devon Engineering International of Britain. Oil India has pulled out of its alliance with Prize to acquire the two Egyptian assets - one a discovered field the other producing.