The onshore concession area lie on-trend with numerous existing producing oil and gas fields, near to Sharjah.
The concession is expected to include large number of undrilled shallow and deep exploration prospects, according to the company’s evaluation on the project.
Petra Petroleum CEO and president Robert Lambert said the company has secured access to highly promising onshore exploration concession, which is situated in a region of proven petroleum potential.
"The acquisition of this license interest is another important step for the Corporation in building an exploration portfolio within our focus areas of Europe, Africa and the Middle East," Lambert added.
