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Energy Africa Limited - To Assume 100% Interest In Kudu Gas Field
Release Date: 01/12/2003 17:56:00 Code(s): ENR
Energy Africa Limited - TO ASSUME 100% INTEREST IN KUDU GAS FIELD
Energy Africa Limited
Registration number: 1995/007140/06
(Incorporated in the Republic of South Africa)
JSE code: ENR
ISIN code: ZAE000010427
("Energy Africa" or "the Company")
ENERGY AFRICA TO ASSUME 100% INTEREST IN KUDU GAS FIELD
Energy Africa confirms that we have been notified by ChevronTexaco that it is
withdrawing from the Kudu gas field project. While the project may not fit into
ChevronTexaco"s strategy in West Africa, it remains a very important project for
Energy Africa.
Energy Africa remains very positive about the future of the Kudu gas field
project and is committed to continuing discussions with various stakeholders
with the objective of making a decision on the development of Kudu early next
year. These discussions have already reached an advanced stage.
Therefore Energy Africa intends to exercise its option to assume 100% interest
and Operatorship of the Kudu gas field.
Attached is the text of the press release issued today by the Republic of
Namibia Ministry of Mines and Energy.
1 December 2003
For more information about Energy Africa see:
www.energyafrica.com
Enquiries:
Energy Africa Ltd
Rhidwaan Gasant
Tel: +27 21 400 7600
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Text of the press release issued today by the Republic of Namibia Ministry of
Mines and Energy:
"01 December 2003
MEDIA RELEASE
CHEVRON-TEXACO KUDU GAS FIELD WITHDRAWAL
On November 27th, Chevron-Texaco informed the Government of the Republic of
Namibia and partner Energy Africa that they were withdrawing from the Kudu gas
field project. The withdrawal enables the Namibian Government and Energy Africa
to pursue development of the gas from the field. Energy Africa has informed the
Namibian authorities that they intend to assume 100% interest and Operatorship
of the field.
Chevron-Texaco believes that the Kudu field has sufficient reserves to develop
into a viable regional project but after evaluation they have concluded that the
Kudu project does not align with their overall strategy in West Africa.
The Kudu gas field is located in Licence Area 005, Block 2814A, approximately
170 km offshore from Oranjemund, Namibia.
Other Kudu stakeholders remain very positive about the future of the Kudu gas
field project and are committed to continue commercial discussions with the
objective of making a decision on the development of Kudu early next year.
These discussions have already reached an advanced stage.
Dr NICKEY IYAMBO
Minister"
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