Assam Co, US-based DMS sign MoU

Assam Co inks MoU with US-based DMS Exploration for acquiring 33.33% working interest in an Australian energy block.

Assam Company Ltd said on Wednesday it has entered into a MoU with US-based DMS Exploration for acquiring 33.33 per cent working interest in an Australian energy block and for forming a joint venture.

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The oil company has entered into the agreement for acquisition of 33.33 per cent working interest in the Yorketown Point Gilbert prospect under the DMS Petroleum Exploration Licence 73, located at Stansbury Basin of South Australia, it informed the Bombay Stock Exchange.

The site covers an area of 625 square kilometers and is 30 kms from Adelaide, it said.

The company will also form a JV to generate future prospects in Australia, India and around the world using DMS' proprietary technology and knowhow, it said.

DMS Exploration is engaged in the acquisition and development of properties in US and exploration of international oil and gas prospects.