Energy Africa Gabon Acquires A Further 12.5% In En
Energy Africa Limited
Registration number: 1995/007140/06
(Incorporated in the Republic of South Africa)
ENERGY AFRICA GABON ACQUIRES A FURTHER 12.5% IN ENERGY AFRICA GABON S.A.
Energy Africa is pleased to announce that it has acquired an additional 12.5%
in Energy Africa Gabon S.A. ("EAGSA") from the Gabon State, increasing its
effective interest in EAGSA to 50%. The other 50% of EAGSA is held by A.P.I.
Limited, who at the same time also acquired an additional 12.5% in EAGSA from
the Gabon State.
The acquisition consolidates Energy Africa's position in Gabon and provides
immediate benefits in terms of production, cash flow and reserves from assets
which are already managed by the company. Additionally the transaction
increases Energy Africa's exposure to a very active exploration programme and
ongoing development of existing fields and discoveries.
Adrian Nel, acting Managing Director of Energy Africa said:
"Gabon is a key country for Energy Africa's expansion plans and the acquisition
of a greater interest in EAGSA has been a strategic objective. I am very
pleased that this has now been realised. EAGSA's production in February was
approximately 15 000 barrels of oil per day (bopd) and the additional
production attributable to Energy Africa will be approximately 2000 bopd.
Expected increases in production from the Echira and Turnix fields will further
boost the contribution from EAGSA. In the Turnix Field the second well in the
current drilling programme was also successful and productive capacity has
increased from 5000 to 8000 bopd. Two further development wells are planned in
the second half of the year."
22 March 2001
For more information about Energy Africa see: www.energyafrica.com
Enquiries:
In Cape Town:
Energy Africa Ltd
Adrian Nel
+27 21 400 7600
Corporate Image
Tamra Veley
+27 21 426 1233
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