Petrobank And Premier Oil Team Up Offshore Guinea Bissau

Petrobank announced that it has partnered with Premier Oil plc of the United Kingdom to drill an exploration well on Petrobank's Block 2 offshore Guinea Bissau. Through funding 100% of the cost of the exploration well, Premier will earn a 55% interest in the Block, Petrobank will retain a 15% interest with the remaining 30% held by Petroguin, the national oil company of Guinea Bissau. Premier will assume operatorship of the Block and is planning to drill the well during the second quarter of 2002.

Earlier this week, the partners attended the formal signing of an agreement to also begin work on Guinea Bissau offshore Blocks 4A and 5A immediately south of and adjacent to Block 2. The initial work commitment for the new blocks entails seismic reprocessing. The blocks contain several salt piercement structures similar to the main exploration target on Block 2. Combined, the three blocks comprise over 1.4 million acres and lie approximately 80 miles offshore in water depths of 30 feet to over 3,000 feet. Ownership of the new blocks reflects the new Block 2 ownership interests. Guinea Bissau is located on the west coast of Africa between Guinea Conakry to the south and Senegal to the north.


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