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Energy Africa Limited - Acquisition of Interest in Mauritanian Offshore Block 1.
Registration number : 1995/007140/06
(Incorporated in the Republic of South Africa)
JSE code: ENR ISIN code: ZAE000010427
ENERGY AFRICA ANNOUNCES ACQUISITION OF INTEREST IN MAURITANIAN OFFSHORE BLOCK 1
Energy Africa Limited is a South African-based oil and gas exploration and
production group which is listed on the Johannesburg and Luxembourg Stock
Exchanges.
Energy Africa Limited today announced the signature of an agreement by Energy
Africa Mauritania Ltd., a wholly owned subsidiary, with Dana Petroleum Limited
to acquire a 32% interest in Block 1 offshore Mauritania. The agreement remains
subject to the approval of the Government of Mauritania. It is located south of
block 4 where the recent Chinguetti 2 appraisal well is reported to have
intersected a gross hydrocarbon column of 94 metres. Block 1 lies directly
south of Block 2 in which Energy Africa acquired a 20% equity interest in
February 2002.
Participating interests in Block 1 following the acquisition will be:
Dana Petroleum (Operator) 48%
Energy Africa 32%
Hardman Petroleum 18%
Roc Oil 2%
Acquisition of 3-D seismic data is expected to begin in September 2002, with
drilling activity hopefully in late 2003 or early 2004.
This announcement is made voluntarily and not in terms of the requirements of
the JSE Securities Exchange South Africa.
Rhidwaan Gasant, Energy Africa Limited`s Managing Director said:
"the technical evaluation of this block has been very positive and will expose
the company to an increased number of play types in a frontier basin in which we
are already active."
This participation forms part of Energy Africa Ltd`s continuing strategy of
securing interests in potentially high reward basins.
A copy of the press release issued by Dana Petroleum Limited is attached.
11 September 2002
For more information about Energy Africa see: www.energyafrica.com.
Enquiries:
In Cape Town:
Energy Africa Ltd Adrian Nel +27 82 806 8118
Corporate Image Tamra Veley +27 21 426 1233
In London:
College Hill Nicholas Williams +44 20 7457 2020
DANA BRINGS NEW PARTNER INTO MAURITANIAN BLOCK 1
AND ACCELERATES EXPLORATION PROGRAMME
The board of Dana is pleased to announce that an agreement has been reached with
Energy Africa Mauritania Ltd.("Energy Africa"), a wholly owned subsidiary of
Energy Africa Limited, whereby Energy Africa will farm-in to earn a 32% interest
in Block 1 offshore Mauritania. Dana will remain as Operator for the enlarged
group of participants in Block 1, with a 48% interest in the Production Sharing
Contract, and is spearheading a new work programme to accelerate exploration in
this area. Attractive prospects have emerged from two successful 2D seismic
surveys, and acquisition of a large 3D seismic survey is now expected to begin
before year-end. This should lead to the finalising of drilling targets by mid
2003. The agreement is subject to the approval of the Government of Mauritania.
Participating interests in Block 1 following the farm-out will be:
Dana (Operator) 48%
Energy Africa 32%
Hardman Resources 18%
Roc Oil 2%
Tom Cross, Dana`s Chief Executive, commented:
"Energy Africa is our neighbour in Block 2 and its team has a track record of
finding oil in West Africa, hence their participation should benefit the Block 1
group as we progress.
Exploration offshore Mauritania is gathering pace with Woodside`s latest oil
success at Chinguetti and further wells planned this year in Block 4 and Block
6. Dana holds a very strong position in this emerging region. As a result of our
strategic farm-outs to Woodside (Block 7) and now Energy Africa (Block 1), Dana
has significantly reduced its exploration costs and risk, yet has still retained
the majority of its upside with large interests in Blocks 1, 7 and 8 of 48%,
51.43% and 80% respectively."
For further information please contact:
Tom Cross Chief Executive 01224 652
400
Andy Bostock Technical Director 01224 652
400
Archie Berens College Hill Associates 020 7457
2020
Notes to Editors:
West Africa is a core business area for Dana. The group operates offshore 3
countries, namely Ghana, Mauritania and Kenya.
In Ghana, Dana holds a 90% interest in the Western Tano licence, where the
Company made an oil discovery with its first exploration well in March 2000. In
April 2000, Dana was also awarded operatorship of licence CI-100 offshore Ivory
Coast, which adjoins the Western Tano discovery area.
Date: 11/09/2002 09:17:00 AM Produced by the JSE SENS Department
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