Enegi enters the Dead Sea

Making a splash in the Dead Sea: Enegi Oil has agreed to a heads of terms with KGEC for a stake in the Dead Sea/Wadi Araba Block in Jordan

REUTERS/SCANPIX

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Danica Newnham

 13 December 2012 08:42 GMT

London-listed Enegi Oil has entered into a deal with Korea Global Energy Corporation (KGEC) for a stake in an onshore block in the Dead Sea and Wadi Araba region of Jordan.

Under a heads of terms agreement, the UK junior will be issued a 5% interest in the block once a production sharing agreement is granted by the Jordan authorities. This is anticipated early next year.

According to Korean local media, KGEC had signed a memorandum of understanding with Jordan’s Natural Resources Authority (NRA) in February in relation to oil exploration activities in the region.

Before the PSA becomes effective, it must also be approved by the board of directors of the NRA, the Council of Ministers and ratified by the Jordan Parliament, Enegi…

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