Oil and gas producer AWE Limited (ASX:AWE) has agreed to sell a portion of an oil asset in Yemen to Petsec Energy Limited (ASX:PSA).

 

Petsec will acquire AWE’s 21.25 per cent participating interest in the Block 7, an onshore exploration permit operated by Oil Search Limited (ASX:OSH). 

 

While the agreement is still subject to approvals AWE is set to receive $US1 million as part of the terms.   

 

AWE reported a net profit of $81.7 million in the first half of the 2014 financial year.