Energy Africa to Assume 100% Interest in Kudu Gas Field

Energy Africa confirms that it has been notified by ChevronTexaco that ChevronTexaco is withdrawing from the Kudu gas field project. While the project may not fit into ChevronTexaco's strategy in West Africa, it remains a very important project for Energy Africa.

Energy Africa remains very positive about the future of the Kudu gas field project and is committed to continuing discussions with various stakeholders with the objective of making a decision on the development of Kudu early next year. These discussions have already reached an advanced stage.

Therefore Energy Africa intends to exercise its option to assume 100% interest and Operatorship of the Kudu gas field.

The withdrawal by ChevronTexaco enables the Namibian Government and Energy Africa to pursue development of the gas from the field.

Chevron-Texaco believes that the Kudu field has sufficient reserves to develop into a viable regional project but after evaluation they have concluded that the Kudu project does not align with their overall strategy in West Africa.

The Kudu gas field is located in License Area 005, Block 2814A, approximately 170 km offshore from Oranjemund, Namibia.

Other Kudu stakeholders remain very positive about the future of the Kudu gas field project and are committed to continue commercial discussions with the objective of making a decision on the development of Kudu early next year. These discussions have already reached an advanced stage.
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