Hyderabad, Nov 12 (UNI) IVRCL Infrastructures and Projects Limited entered into a Share Purchase Agreement to acquire 100 per cent shares of Alkor Petroo Limited (Alkor), an unlisted Oil and Gas E&P Company.
The deal was signed yesterday, G Ramakrishna Rao, Company Secretary, announced in a press release here. IVRCL will be investing about USD 50 million during the exploration phase.
Alkor has three exploration blocks in the Republic of Yemen and two in Arab Republic of Egypt along with Gujarat State Petroleum Corporation Limited (GSPCL) and others. Seismic data will be acquired in all the blocks early next year. Alkor has 25% Participating Interest in each of the three Blocks in Yemen. Alkor's Participating Interest is 20% each in both the Blocks in Egypt.
Based on the best estimates of the resources from an internationally-reputed agency, Block 19 (Yemen) and Block 6 (Egypt) have a potential to Earn revenues of over USD 1 Billion for the company during the life of the respective blocks. The revenues for the other blocks are under evaluation.