Roc Oil of Australia remains as technical partner with a 60% interest, with Atlas and SPI now holding 20% each.
Block H lies to the north of ChevronTexaco operated Block L (in which SPI holds a 10% interest) and on trend with the recently discovered fields of Amerada Hess in Blocks F & G. Interpretation of a newly acquired 3D seismic survey in Block H is now underway and exploration drilling is expected to take place next year. This agreement is subject to the final approval of the Government of Equatorial Guinea.
In addition, SPI has also negotiated a seismic option agreement with Atlas Petroleum International Ltd on its I & J Blocks, that lie to the north close to Bioko Island. Seismic acquisition is due to start in these blocks within the next week. On conclusion of the seismic program and evaluation SPI will have the option to take up 50% equity in the Blocks and assume the role of Technical Partner.
Dr. Phil Vingoe, Managing Director of Sasol Petroleum International (Pty) Ltd commented: "Sasol is very pleased to announce this agreement and to increase its presence in Equatorial Guinea. Our entry into Block H further establishes our presence in this major new hydrocarbon province. In addition, recent drilling success around Bioko Island in the north has high graded the geological play types we expect to find in Blocks I & J. Through this broad based relationship with Atlas Petroleum, and our existing joint venture with ChevronTexaco and Amerada Hess, Sasol is well on the way to establishing Equatorial Guinea as a key area for future growth."
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