Sevan Marine, E.ON to Extend LOI for Huntington Project

Sevan Marine and E.ON Ruhrgas are progressing with negotiations to finalize the contractual documentation for the lease of the Sevan Voyageur FPSO. The period has now been extended until October 1, 2010. While negotiations are concluding, the project partners will continue to fund certain Sevan costs and long lead items for the FPSO's upgrades in order to meet the project's schedule of first oil production. The Huntington oil field, located on Block 22/14 of the UK sector of the North Sea, is operated by E.ON Ruhrgas, holding a 25% interest; Premier Oil holds 40%; Carrizo holds 15%; and Altinex holds the remaining 20% interest.

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