Energy Africa Ltd Announces Signing Of Second Agre
Energy Africa Limited
Incorporated in the Republic of South Africa
Registration number: 1995/07140/06
ENERGY AFRICA LTD ANNOUNCES SIGNING OF SECOND MOROCCAN PETROLEUM AGREEMENT
Energy Africa today announced its signature last week of a petroleum agreement
for three further exploration permits offshore Morocco.
Energy Africa Morocco Limited, a wholly owned subsidiary of Energy Africa
Limited, (JSE: ENERGY), together with its co-venturer Taurus Oil AB of Sweden,
signed the agreement with the Office National de Recherches et d'Exploitations
Petrolieres (ONAREP) acting on behalf of the Kingdom of Morocco for the three
exploration permits, which are collectively known as the Tiznit Offshore Area.
The Tiznit Offshore Area, covering approximately 6000 square kilometres, lies
offshore the Atlantic coast of Morocco, and extends from nearshore to a water
depth of 1200 meters, adjacent to and directly east of the Cap Draa Haute Mer
Area. This is Energy Africa's second Petroleum Agreement covering acreage
offshore Morocco, the first being the Cap Draa Haute Mer Area where Energy
Africa holds 20% equity bringing the total acreage held by it in the country to
18000 sq km.
Participating interests in the Tiznit permits are:
Energy Africa (operator) 63.75 per cent
ONAREP 25.00 per cent
Taurus Oil 11.25 per cent
Adrian Nel, Energy Africa's acting Managing Director said "the technical
evaluation of the Tiznit area has been very positive and exploration in the two
adjacent blocks (Cap Draa and Tiznit) will expose the company to a number of
play types. The award of the Tiznit Offshore Area creates a very attractive
opportunity for Energy Africa to participate in a new frontier region.
Acquisition of 3-D seismic data is expected to begin in mid-2001.
Signing this new agreement forms part of Energy Africa's continuing strategy of
expanding its exploration portfolio in Africa."
5 March 2001
For more information about Energy Africa see: www.energyafrica.com.
Enquiries:
In Cape Town:
Energy Africa
Adrian Nel
+27 21 400 7600
Corporate Image
Tamra Veley
+27 21 426 1233
In London:
College Hill
Nicholas Williams
+44 7767 242 566
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