PARIS -(Dow Jones)- French oil giant Total SA (TOT) Monday said it has acquired a 40% stake in the block 3 exploration license in Yemen, which it will now operate.
Total bought the stake from Oil Search Ltd. (OSH.AU) for an undisclosed amount and will be partners with Austrian OMV AG (OMVKY), Czech MND and state-owned Yemen General Corporation for Oil and Gas once the transaction is completed.
The license covers an area of 2.954 square kilometers in the eastern section of the Marib Basin, said Total in a statement.
The acquisition remains subject to approval by Yemen's ministry of oil and mineral resources.
At 1530 GMT, Total's shares traded down 0.4% at EUR42.29, while its benchmark index France's CAC-40 was down 0.7%.
-By Nadya Masidlover, Dow Jones Newswires; +33 1 4017 1740; email@example.com
(END) Dow Jones Newswires
March 05, 2012 10:55 ET (15:55 GMT)
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