Vanco Launches Madagascar Deepwater Seismic Survey

A Vanco Energy Company subsidiary has contracted TGS Nopec Geophysical Company to conduct a 2D seismic survey of its Majunga Offshore Profond block offshore the Republic of Madagascar, East Africa. Beginning today, the Binhai 517 will survey 2,000 km of the deepwater block located in the northwestern sector of Madagascar. In March, Vanco Madagascar Ltd. signed a Production Sharing Contract with OMNIS (L'Office des Mines Nationales et des Industries Strategiques) for the Majunga Offshore Profond block, the first block awarded in the Majunga Basin since 1997. Vanco's license covers what is believed to be a salt-prone basin, probably cretaceous in age, containing multiple structures. Vanco is Operator with 100% interest.

The Majunga Offshore Profond block covers 3.57 million acres with the primary interest areas ranging between 1000-3000 feet water depth 40 km offshore Madagascar. The deepwater survey, expected to last 6 weeks, will delineate the Majunga Basin by creating a survey grid in the primary interest area beyond 1,000 feet of water. This survey follows Vanco's year-long focus on its five-country regional 2D & 3D survey. Offshore Senegal, a 1,500-kilometer 2D survey of Vanco's Dakar Offshore Profond was completed in March. Since last July, nearly 7,970 square kilometers of 3D seismic have been acquired on Vanco's licenses offshore Morocco, Cote d'Ivoire, Equatorial Guinea and Namibia. All but Morocco is complete, with 3% remaining on the CGG survey.