Energy Africa Company News

Petroceltic International plc has appointed Brian O'Cathain a director and the Executive Chairman of the Dublin-based company with immediate effect.

Pancontinental Oil & Gas NL has been awarded a 30,000 square kilometer offshore Reconnaissance License (RL) in the emerging hydrocarbon province, offshore Namibia.

Petrobras says that the Government of Equatorial Guinea has approved its acquisition of a 50% participating interest in a production sharing contract covering Block L.

Dana Petroleum reports that the Stena Tay is now on location in Block 1 and has commenced drilling operations on the Faucon-1 well, offshore Mauritania.

ChevronTexaco and its partners announced a significant discovery at the Lianzi-1 exploration well in the deepwater area between the Republics of Angola and Congo.

Energy Africa has entered into a participation agreement with Forest Oil to earn a 15% working interest in the Gryphon Marin permit in the southern Gabon offshore.

Tullow Oil has concluded a Joint Development Agreement with NAMCOR and NamPower in relation to the planned development of the Kudu field as part of a gas to power project.

Tullow Oil's subsidiary, Energy Africa, has signed a Production Sharing Contract with the Government of the Republic of Uganda in respect of Block 1.

In connection with the Offer for the entire issued share capital of Energy Africa, the board of Tullow announces that Admission of the Placing Shares took place today and that the Offer is declared wholly unconditional in all respects and will remain open for acceptance for a further 14 days until June 11, 2004.

Tullow intends to make an offer for the entire issued share capital of Energy Africa for a total consideration of US$500 million (approximately £280 million) payable in Rand.

The Board of Tullow Oil notes the recent press speculation about a substantial transaction and confirms that it is considering making an offer for 100 percent of the share capital of Energy Africa Limited for US$500 million.

VAALCO Energy reports that the wildcat well Ebouri No. 1 logged approximately 15 meters of net oil pay.

Energy Africa confirms that it has been notified by ChevronTexaco that ChevronTexaco is withdrawing from the Kudu gas field project.