Sasol Signs Exploration Agreement in Gabon
Sasol Petroleum International is pleased to announce that on August 14, 2001 in Libreville, Gabon, it signed an agreement with the Ministry of Mines, Energy, Petroleum and Water Resources for the exclusive rights to evaluate the Phenix Block offshore Gabon.
This agreement, termed a Technical Evaluation Agreement, is the first of its kind in Gabon and represents a new form of contract designed to encourage continued investment in classical, well-established areas.
Sasol's agreement provides access to previously acquired data in the ex-Phenix block for a twelve-month period, which will enable extensive studies to be conducted. The results of these studies will be shared with the Ministry and allow informed discussions to take place between both parties about future contract terms.
Dr Phil Vingoe, Managing Director of Sasol Petroleum International said: "Sasol is delighted to announce this agreement and to further increase its presence in Gabon – undoubtedly the dominant country in our West Africa upstream portfolio. The Phenix block is adjacent to our recent success in the Etame Marine Permit and we are confident that other material opportunities exist in this area. This new type of contract demonstrates the flexibility and creativity of Gabon. We are pleased to be pioneers in the opportunity to participate in a second wave of investment applying modern day offshore technology."