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The total consideration for the transaction can reach up to $14 million, linked to the actual production of Block 70.
Swedish oil and gas company Maha Energy has announced plans to sell its 65% working interest in Oman’s Block 70 to Mafraq Energy.
During the extended Initial Phase, Maha intends to implement activities necessary to support any decision regarding Block 70’s declaration of commerciality, such as preparing a detailed plan for enhanced oil recovery, such as steam, waterflooding or other production enhancement methods.