The EPSA gives Verenex, as Operator with a 50% interest, and its 50% partner PT Medco Energi Internasional Tbk the right to explore for oil and gas for a five-year period and to exploit any commercial discoveries over a subsequent 25-year period.
Work is underway to secure contractors to commence a 3-D and 2-D seismic program in 2005 to position for first drilling in 2006.
"The signing of this agreement marks a defining milestone for Verenex," said Jim McFarland, President and Chief Executive Officer who was in Tripoli for the signing ceremony. "We are excited about the potential for Area 47 and have identified a portfolio of exploration drilling prospects and leads and several appraisal drilling opportunities that will be refined with new seismic. The Libyans have done an impressive job in designing and executing a transparent and efficient process for this First Bid Round. It's now up to us to execute a successful exploration and appraisal program."
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