Assam Co, US-based DMS sign deal for oil field

Assam Company has signed a memorandum of agreement (MoA) with US-based DMS Exploration for acquisition of 33.33% working interest in the Yorketown Point Gilbert prospect within the DMS Petroleum Exploration Licence 73 located at Stansbury Basin in South Australia.

According to a release issued by Assam Company to the BSE today, the site covers an area of 625 square kilometers, and is 30 kms from Adelaide.

The MoA also includes a proposal to form a joint venture to generate future prospects in Australia, India and elsewhere around the world using proprietary technology of DMS.