Energy Africa Acquires Stake in Block 2 Offshore Mauritania

Energy Africa Limited Mauritania Limited has reached an agreement with Woodside Petroleum, Hardman Petroleum and Roc Oil whereby it will acquire a 20% interest in Block 2 offshore Mauritania. The acquisition is subject to the approval of the Mauritanian government. The block covers 6682 sq km and extends from near shore to a water depth of 2200 meters. It is located south of Block 4 where the recent Chinguetti 1 discovery intersected a gross oil column of 90 meters. This is Energy Africa's first participation offshore Mauritania.

Adrian Nel, Energy Africa's Chief Operating Officer said, "the technical evaluation has been very positive and exploration in this concession adds new exposure for the company to a number of exciting play types in a frontier basin. Acquisition of 3-D seismic data will begin in April 2002, with drilling activity expected in 2003. This participation forms part of Energy Africa’s continuing strategy of securing interests in potentially high reward basins."

Woodside Petroleum is the operator of the block with a 48% interest; Hardman holds a 28.8 percent interest; Energy Africa holds a 20% interest and Roc Oil Holds the remaining 3.2% interest.


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