Brenham Oil & Gas, a subsidiary of American International Industries, announced Thursday has executed a production sharing contract with the government of Equatorial Guinea in West Africa. Pursuant to the terms of the Agreement, Brenham received a 15 percent participating interest in newly-created Block Y, which consolidates four offshore exploration blocks into a single, half-million acre license. Xuan Energy is the operator of Block Y.
Rog Hardy, Brenham's vice president of exploration, stated, "Block Y is between and along a geologic trend with Hess Corporation's large Okume and Ceiba oil and gas field complex (which peaked at more than 80,000 barrels of oil per day) and an undeveloped oil discovery in Block P to the north, with, among other companies, VAALCO Energy. The block awarded to Brenham is large, with plenty of room to run, and is in benign operating conditions and moderate water depths. We are very excited about the exploration potential of Block Y."
Daniel Dror, Brenham's chief executive officer and president, stated, "Brenham's entry into this high-potential opportunity in West Africa is a result of our team's extensive experience in Africa with companies such as Occidental Petroleum Corporation and Unocal, and years of focused, rigorous geotechnical and commercial evaluations. We believe that Block Y has the right upside-to-risk mix and we intend for this project to be the foundation for additional quality ventures in West Africa and elsewhere. Brenham looks forward to working with the Government of Equatorial Guinea and our other partners to conduct a successful exploration campaign."
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