SOCO reported that the Production Sharing Agreement for Block 5 in the Albertine Graben area of the Democratic Republic of Congo (DRC) has received the Presidential Decree, the final step in the concession award of the block.
The Block, operated by SOCO Exploration Production DRC SPRL, is located at the southern end of the Albertine Rift system and includes part of Lake Edward. During the initial five year exploration period the Block 5 partnership have committed to acquire at least 300 km of seismic data and drill two exploration wells.
The Block 5 partnership consists of SOCO Exploration Production DRC SPRL holding 38.25%, Dominion Petroleum Congo SPRL with 46.75% and the state oil company of the Democratic Republic of Congo Congolaise des Hydrocarbures (COHYDRO) with 15%.
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