Energy Africa Limited - Energy Africa Announces Pa
Energy Africa Limited - Energy Africa announces participation in Block L
Energy Africa Limited
(Registration number: 1995/007140/06)
(Incorporated in the Republic of South Africa)
JSE code: ENR ISIN code: ZAE000010427
ENERGY AFRICA ANNOUNCES PARTICIPATION IN BLOCK L.
EQUATORIAL GUINEA
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 is pleased to announce that a farmout agreement has been signed
with Chevron Equatorial Guinea Ltd, an affiliate of ChevronTexaco, to acquire a
20% interest in Block L, Equatorial Guinea. Block L is located in the offshore
Rio Muni Basin of Equatorial Guinea, immediately north of Blocks F and G, which
include the producing Ceiba field and where 7 other discoveries have been made
in the past two years.
Currently, Chevron Equatorial Guinea operates Block L with a 65% equity. Triton
Equatorial Guinea (25%) and Sasol (10%) are the other partners. The acquisition
of the 20% interest from the operator is subject to the consent of the
Equatorial Guinean Government, which has a 7.5% back-in right in the case of a
commercial discovery.
The first well in Block L, Ballena-1, is expected to commence drilling in late
March or early April 2003.
Rhidwaan Gasant (Energy Africa CEO) said; "Energy Africa is delighted to be
participating in another exploration venture in Equatorial Guinea, a country
where we have already had considerable success. It is our belief that our
technical experience gained from the company"s current activities in Equatorial
Guinea will add value to the venture".
11 March 2003
For more information about Energy Africa see: www.energyafrica.com.
Enquiries:
Energy Africa Ltd Adrian Nel +27 21 400 7600
+27 82 806 8118
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