Hunt Oil Signs Concession Agreement With Oman

The Oman Hunt Oil Company has signed an oil concession agreement with the government of Oman for exploration and production in the eastern part of the country. Under the agreement for exploration in block 51 of eastern Oman, Oman Hunt Oil will invest US $7 million to US $11 million in seismic surveys and drilling activities over an unspecified number of years. The government of Oman will not bear any of the financial burden.