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American Energy to focus on Jacobabad concession

ISLAMABAD: The American Energy Group Ltd. on Thursday announced that its board of directors had approved a plan to sell all of its US oil properties with the intention to place its sole emphasis on the development of Jacobabad concession.

In a news release, the Group said its board had determined that the overall potential represented by the Jacobabad Concession justified the single focus of the company and its limited capital resources on this project.

The Group said its plan to sell US oil properties involved taking advantage of opportunities for a more favourable sale created by recent increases in market prices for oil. The company intends to immediately pursue negotiations with several parties who have communicated an interest in purchasing the properties.

The company also announced the appointment of Charles Valceschini to the board of directors. Valceschini already serves the company as the president of its wholly owned subsidiary, Hycarbex-American Energy, Inc., which holds the Jacobabad concession.

Valceschini, 42, has over 18 years of international exploration and operations experience in North America, the Middle East, Russia and Eastern Europe.

The American Energy Group Ltd. is an independent oil and gas exploration, drilling, and production company based in Houston, Texas, involved in both domestic and international exploration projects.-Fortuna