Liberia to Hold Offshore Licensing Round in 2004

The National Oil Company of Liberia (NOCAL) hereby announces the details for the country's 2004 Offshore Bid Round. This follows the acquisition of approximately 9,000 KM of 2D seismic data, well information and regional interpretations, which are available now from TGS-NOPEC Geophysical Company in Houston, Texas.

The licensing round includes seventeen (17) exploration blocks, covering approximately 55,000 square kilometers, of which six (6) blocks will be awarded. Bids will be accepted on individual or multiple blocks by individual companies or as part of joint efforts. Exploration work program and financial cost recovery, profit split and production bonuses are competitive.

Direct negotiations will also be allowed, but will cease on March 31, 2004, after which two conferences will take place in London and Houston in April 2004. At the conferences, a complete package including petroleum laws, production sharing contract, tax laws as well as all technical information will be available. The area will be under moratorium through the close of the bid round, November 1, 2004.