PRESS
RELEASE
9th
APRIL 2003
AWARD OF PETROLEUM LICENCE,
BLOCK P - RIO MUNI
REPUBLIC OF EQUATORIAL GUINEA
The Ministry of Mines and Energy, Republic of Equatorial Guinea is pleased
to announce that a new Production Sharing Agreement was signed in Malabo
on the 3rd of April, 2003.
GEPetrol, the national oil company, was joined by new partners: Ocean
Equatorial Guinea Corporation (Operator), Petronas Carigali Equatorial
Guinea Limited, Atlas Petroleum (International) Limited and DNO ASA in
Block P, Offshore Rio Muni.
Block P covers grid blocks H-17, I-17, H-18 and I -18 and is adjacent
to the Rio Muni coast in water depths ranging up to 1500 feet.
This most recent award is the first to be undertaken by GEPetrol since
it's mandate to manage all unlicensed areas in Equatorial Guinea. Prior
to award, GEPetrol acquired 3D seismic data over the area through GESeis,
its geophysical joint venture with Terra Energy Services. The block was
awarded by limited tender after applicant companies had licensed and evaluated
the 3D data. By this fast track approach, GEPetrol expects the first well
to be drilled within 12 months.
The award will be effective on ratification of the PSA
