Perenco Increases Stake in ONS Concession

Perenco has completed the acquisition of a further 50% interest in the Offshore North Sinai Concession (ONS) in Egypt through the purchase of Burlington Resources Egypt Limited from ConocoPhillips. Perenco already owns 50%, and is the Operator of ONS and this transaction will bring its holding to 100%.

ONS contains three gas fields with proved reserves of 500 bcf. A project is currently in progress to develop the Tao Field. The development includes the installation of a not-normally-manned production platform, a 60 km, 20 inch pipeline to shore, and an onshore processing plant. The platform jacket and pipeline are already installed and the topsides module was loaded out on 3rd April 2007. Four development wells will be drilled starting later this month, and first gas is expected to be produced in the fourth quarter of 2007 at rates up to 180mmcfd.

Perenco is an exploration and production company with operations in 12 countries currently producing around 180,000 boepd net.
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