Brenham Oil & Gas Corp. announced that it received and accepted a letter of award from the Government of Equatorial Guinea in West Africa for a 15 percent participating interest in four offshore exploration blocks. This area of Equatorial Guinea's waters was highlighted last year by Brenham's exploration geologist, Rog Hardy, as part of the Company's ongoing review of seismic and well data in Sub-Saharan Africa.
Mr. Hardy, Brenham's Vice President, stated, "These four blocks are in between and along geologic trend with a large producing oil and gas field complex with peak production of more than 80,000 barrels of oil per day and an undeveloped oil discovery. The blocks awarded to Brenham total more than 500,000 acres. We are very excited about the exploration potential of these blocks."
Scott Gaille, Brenham's President, stated, "Brenham looks forward to working with the Government of Equatorial Guinea and the other companies awarded interests in the blocks. The next step will be for the consortium of winning companies to finalize the commercial terms with the Government in a Production Sharing Contract."
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