In April 2009, Harvest signed an Exploration and Production Sharing Agreement (EPSA) with the Sultanate of Oman (Oman) for the Al Ghubar / Qarn Alam license block. The Al Ghubar/ Qarn Alam license is a newly-created block designated for exploration and production of non-associated natural gas and condensate which the Oman Ministry of Oil and Gas has carved out of the Block 6 Concession operated by Petroleum Development of Oman (PDO). The block contains 955,600 total acres and is located in the natural-gas-and-condensate-rich Ghaba Salt Basin in close proximity to the Barik, Saih Rawl and Saih fields. We are targeting the large, deep Paleozoic gas and condensate resource potential in the Ghaba Basin beneath shallow oil fields that have been producing since 1975. The block is near existing production, and transportation infrastructure and gas off-take is guaranteed by the Omani government.
We have a 100 percent working interest in the EPSA during the exploration phase and the Oman Oil Company will have the option to back-in to up to a 20 percent interest in the block after the discovery of gas.