Greetings, Attached FYI ( NewBase Special 07 Febrauary 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:- • Yemen: Petsec Energy acquires operatorship of the Damis (Block S-1) Production Licence in Yemen Morocco: marks progress on 500MW solar park • Kenya: Africa Oil completes Kenyan farmout deal with Maersk Oil • Nigeria: FPSO en route to Aje field, offshore Nigeria • Georgia: High hopes for more gas from Eastern neighbours • US: High inventories help push crude oil prices to lowest levels in 13 years • Oil falls in volatile trade as glut concerns face OPEC cut uncertainty • US oil explorers park more rigs as crude glut stalls rally we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net Best Regards. Khaled Al Awadi Energy Consultant & NewBase Chairman - Senior Chief Editor MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME meme since 1995 Hawk Energy since 2010

1. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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NewBase 07 February 2016 - Issue No. 781 Edited & Produced by: Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Yemen: Petsec Energy acquires operatorship of the Damis
(Block S-1) Production Licence in Yemen
ource: Petsec Energy
Australia’s Petsec Energy has advised a further significant expansion of its oil and gas interests
in the Republic of Yemen with the acquisition of entities holding the entire (100%) participating
interest (82.5% equity interest) and operatorship of the Damis (Block S-1) Production Licence.
The Damis (Block S-1) Production Licence holds five sizeable oil and gas discoveries – the
developed and producing, until suspended in 2014, An Nagyah oil field, and a further four
undeveloped oil and gas fields within the licence area – Osaylan, An Naeem, Wadi
Bayhan and Hamel.
The An Nagyah oil field commenced production in March 2004 and has produced 25 million
barrels of oil to-date from 25 wells, reaching a peak oil rate of 12,716 BOPD in March 2006. The
field was producing at a limited rate of 5,000 BOPD at an estimated lifting cost of US$7.50/barrel,
when it was shut in at the end of February 2014. Production at the shut-in rate is expected to
extend beyond 2023, the initial term of the Production Licence.
Canadian reserve engineers DeGolyer and MacNaughton Canada, the reserve auditor to
TransGlobe Energy Corp for the Damis Block S-1, which reports have been released to the
Toronto Stock Exchange, has been commissioned by Petsec Energy to undertake an economic

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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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reserve audit to assess the remaining economic benefit to the Company. These results will be
released in due course. The newly acquired Damis (Block S-1) Production Licence, which
continues Petsec’s stated policy of acquiring developed and undeveloped oil reserves in the
Middle East region, is located approx. 80 kms to the southwest of the Company’s exploration
Block 7 which holds the Al Meashar oil field discovery, in the Sab’atayn Basin, in central West
Yemen.
Petsec’s purchase of the
Damis (S-1) Production
Licence was achieved
through the acquisition by
the Company’s wholly
owned subsidiary Petsec
Energy (Middle Eastern)
Limited, of all the shares of
Yemen (Block S-1) Inc., a
wholly owned subsidiary of
Occidental Petroleum
Corporation, and the
operator of Damis (Block S-
1) holding a 75%
participating interest, and
the acquisition of all of the
shares of TG West Yemen
Inc., a wholly owned
subsidiary of TransGlobe Energy Corp, which holds a 25% participating interest.
The acquisition consideration is comprised of a base cash payment of US$0.7 million plus trailing
payments, subject to the recommencement of production and other conditions precedent. The
block is currently subject to Force Majeure due to the current political issues in Yemen and
consequent inability to ship oil from the West coast of Yemen, at the export pipeline terminus for
the An Nagyah oil field.
Mr. Maki Petkovski, Chief Executive Officer of Petsec Energy (Middle Eastern) Limited, said 'the
Damis (Block S-1) Production Licence acquisition materially increases the Company’s developed
oil and gas reserves and provides further major development opportunities which, when
developed, would substantially increase the block’s oil and gas production.
The block contains significant existing infrastructure, including surface facilities with a capacity to
process up to 20,000 barrels of oil per day (BOPD) and an 80,000 BOPD pipeline which joins the
200,000 BOPD Marib export pipeline to the Ras Isa terminal on the Red Sea coast, to the West.
The Marib pipeline was the export pipeline for Damis Block S-1 crude sales until production was
suspended in 2014. Excess capacity exists in the Marib export pipeline for restart of the An
Nagyah oil field and for future development of the remaining undeveloped oil fields in the Damis
(Block S-1) block.'
'It is Petsec’s intention to restart production as early as is feasible, either by piping or trucking or
a combination of both, even while conflict exists elsewhere in the country.'

3. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 3
Morocco: marks progress on 500MW solar park
The National - LeAnne Graves
Morocco held a three-in-one ceremony on Thursday for the first two phases of what will be one of
the world’s largest solar parks at over 500 megawatts of capacity. A ceremony was held in
Ouarzazate to officially inaugurate Noor 1 and break ground on the second phase, which includes
the Noor 2 and 3 projects.
The Noor 1 phase, totalling 160MW of capacity, was scheduled to be officially launched before the
end of last year, but the ceremony was postponed by Moroccan officials. Paddy Padmanathan,
chief executive of Saudi Arabia’s Acwa Power and the lead developer of the project, said that only
the ceremony had been delayed, but that the plant had come online as scheduled in 2015.
Acwa and its technical partner Sener of Spain signed the public private partnership agreement
with the Moroccan Agency for Solar Energy (Masen) for Noor 1 in 2013. The Saudi firm has gone
on to successfully bid for the Noor 2 and 3 phase, totalling 200MW and 150MW, respectively, with
a total investment of about US$3 billion.
“We’re very comfortable in Morocco as an investment destination,” Mr Padmanathan said. “We will
continue to investment more.” Morocco, unlike its North African neighbours, has few hydrocarbon
assets such as oil and gas and has a high import bill because it is forced to tap sources abroad to
meet more than 90 per cent of its energy needs.
Therefore, the country has set out an ambitious target to have renewable energy make up 42 per
cent of its power generation mix by 2020, which will then increase to 50 per cent by 2030.
And Morocco is poised to do just that, particularly as it showcases some of the lowest solar pricing
yet for concentrated solar power (CSP) technology, which typically costs more compared with
photovoltaic applications because it has storage capabilities.
According to the Abu Dhabi-based International Renewable Energy Agency (Irena), the average
cost of electricity generated from CSP ranges between 22 US cents and 25 cents per kilowatt
hour.
Yet, as is typically the case when Acwa bids for a project, such as in Dubai last year, in Morocco
the company came in with rates that beat the average price by about 30 per cent. For Noor 2, the
bid came in at 15.67 US cents per kilowatt hour while offering a tariff for the Noor 3 of 16.31 cents.
Morocco’s energy minister, Abdelkader Amara, said at the Paris climate summit in December that
the Ouarzazate solar programme has already given the country significant savings on energy
costs in its first year.

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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 4
Kenya: Africa Oil completes Kenyan farmout deal with Maersk Oil
Source: Africa Oil
Africa Oil Corp has completed the previously announced (November 9, 2015)
farmout with Maersk Oil & Gas related to Kenyan Blocks 10BB, 13T and 10BA.
At completion, Africa Oil received US$427 million from Maersk. This amount represents US$344
million of reimbursed past costs incurred by Africa Oil prior to the agreed March 31, 2015
effective date of the farmout and US$83 million representing Maersk’s share of costs incurred
between the effective date and December 31, 2015, including a carry reimbursement of
US$15MM of exploration expenditures.

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An additional US$75 million development carry may be available to Africa Oil upon confirmation
of existing resources, which is expected to take place in the first quarter of 2016. Upon Final
Investment Decision ('FID'), Maersk will be obligated to carry Africa Oil for an additional amount
of up to US$405 million depending on meeting certain thresholds of resource growth and timing
of first oil.
The resulting interests in each of Africa Oil’s Kenyan blocks are as follows:
The farmout of 50% of Africa Oil’s interest in the Rift Basin and South Omo Blocks remains
subject to Ethiopian government approval, which is expected in the near term. At completion of
the Ethiopian portion of the Maersk farmout the respective working interests in each of Africa
Oil’s Ethiopian blocks will be as follows:
Keith Hill, Africa Oil's CEO, commented, 'We are very pleased to have completed the Kenyan
portion of our farmout to Maersk. We feel Maersk will be an excellent partner in terms of
technical and financial strength and experience critical to moving the development project
forward. This transaction puts Africa Oil in the enviable position of not requiring any additional
equity financing prior to first oil and will allow us to weather the current difficult oil price
environment should it continue into 2016.'

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