Teikoku Acquires 35% Stake in Block 31 Offshore Suriname

Teikoku, through its new subsidiary, Teikoku Oil (Suriname) Co. Ltd., has acquired a 35% participating interest in Block 31 in the Republic of Suriname.

Teikoku Suriname and Maersk Oil Suriname BV ("Maersk Oil"), a wholly owned subsidiary of Maersk Oil and Gas, headquartered in Copenhagen, obtained the official approval from the Suriname authorities for the assignment of interest.

The Guyana Basin, in which Block 31 is located, is recognized as having all of the essential elements of the major hydrocarbon basins in the world and is noteworthy of its potential for reserves. In fact, a couple of commercial oil fields have been producing in the onshore area of the basin, the oldest of which is since 1982.

The block covers an area of about 13,860 km2 and extends from 20 to 130 meters in water depth. The work commitment for phase 1 of the exploration period has already been fulfilled by Maersk Oil's acquisition of 2D seismic data, etc. A three year Phase 2 of the exploration period, carrying a drilling commitment, will follow from May 2008

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