Sonangol Announces Successful Bidders for Blocks 1, 5, 6, 15 and 26

Sonangol, the national oil company of Angola, announced the list of successful bidders for Blocks 1, 5, 6, 15 (relinquished portion) and 26 on May 9, 2006. The successful bidders were determined based on the evaluation of tenders from international and domestic oil companies seeking to participate in exploration and potential exploitation of the five offshore Blocks. The sealed tenders were opened in a public ceremony April 3, 2006, in Luanda

A summary of the successful bidders is as follows:

Block 1 (Subject to clarification and agreement on the best terms and conditions)
Tullow Oil–Operator: 50%
SONANGOL P&P (Carried): 20%
ProdOil: 20%
Force Petroleum: 10%

Block 5
VAALCO Energy—Operator: 40%
SONANGOL P&P (Carried): 20%
InterOil E&P S.A.: 40%

Block 6
PETROBRAS—Operator: 40%
SONANGOL P&P (Carried): 20%
InterOil E&P S.A.: 20%
Falcon Oil: 10%
Initial Oil & Gas S.A.: 10%

Block 15
ENI Angola—Operator: 35%
SONANGOL P&P (Carried): 15%
SSI: 20%
TOTAL E&P: 15%
Falcon Oil: 5%
Block 26
PETROBRAS—Operator: 80%
SONANGOL P&P (Carried): 20%

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