BG Completes Purchase of Mauritania Interests

BG Group has completed the purchase of Mauritania Holdings BV from Hardman Resources Limited for an aggregate cash consideration of US$132 million, plus up to a further US$5.1 million which is contingent on the attainment of certain exploration and production milestones.

Through this acquisition BG Group has obtained a 13.084 per cent interest in the PSC covering area A and an 11.630 per cent interest in the PSC covering area B offshore Mauritania, West Africa.

Production Sharing Contracts (PSCs) A and B cover blocks 3, 4 and 5 offshore Mauritania. Recent wells in PSCs A and B have made three hydrocarbon discoveries - the Chinguetti Field, the Tiof Field and the Banda Field.

The other existing participants are Woodside Petroleum Limited, Hardman Resources Limited, Fusion Oil and Gas plc, and Roc Oil Company.