Oil Search Limited (ASX:OSH) will see 40 per cent of its interest in a Yemen based exploration venture sold for a profit of $US28 million.
French Oil company Total S.A will purchase the interest for $US44 million.
Managing Director Peter Botten says the sale is in line with the PNG based explorer’s strategy to optimise its portfolio in the Middle East and North Africa, focusing on licenses with material upside.
Mr Botten said drilling is currently underway on a large prospect in Kurdistan, while a Tunisian exploration well with high potential is scheduled to start drilling early this year.
Oil Search generated a net profit of 105.4 million in the 2012 financial year.
