The company has agreed a deal to sell its 50% stake in the concession that hosts the Al Baraka and West Al Baraka development leases to Sea Dragon, a subsidiary of Mediterra Energy, for $6.3 million in cash plus working capital adjustments, with the deal subject to closing conditions and government approval.
Oil production from the assets has fallen from a peak of 1100 barrels per day to an average of about 400 bpd last year.
Dana
