Total Acquires Chevron Stake in Sao Tome License



Total will acquire Chevron's 45.9% interest in Block 1 in the Joint Development Zone in the Gulf of Guinea. The JDZ license spans 172,974 acres (700 square kilometers) in water depths ranging from 5,249 to 5,906 feet (1,600 to 1,800 meters). The license, governed by a treaty signed by Nigeria and Sao Tome and Principe in 2001 for a 45-year period, contains one discovery, Obo-1 well. Total will operate Block 1 in partnership with Addax Petroleum JDZ 1 Limited, Dangote Energy Equity Resources and Sasol Exploration and Production Nigeria Limited. The transaction is subject to governmental approvals. Total stated that the proximity to its operated licenses and facilities in Nigeria would enable cost reductions in developing the license's resources.

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