Vanco Begins Madagascar 3D Seismic Acquisition Program

Vanco Madagascar Ltd, a wholly owned subsidiary of Vanco Energy Company, announces that the Majunga Offshore Profond joint venture group is conducting a comprehensive 3D seismic acquisition program covering 3,657 square kilometers of the deepwater portion of the block. Majunga Offshore Profond is situated offshore northwestern Madagascar and encompasses approximately 4.4 million acres. The survey will further evaluate the hydrocarbon potential of the Majunga salt basin. The current 3D program is designed to identify and evaluate potential drilling locations for an exploratory drilling program.

The seismic data is being acquired by PGS utilizing its state-of-the-art vessel, M/V Ramform Challenger. The acquisition program, which commenced on 31 July, represents the first 3D seismic ever acquired in East Africa. The Vanco Group is exploring in Madagascar under a Production Sharing Contract signed with OMNIS, the national oil and gas company, in March of 2001.

The joint venture group comprises Vanco Madagascar Ltd. (Operator - 30%), ExxonMobil Exploration and Production Madagascar Majunga Ltd. (40%) and Norsk Hydro Majunga AS (30%).

Vanco Energy Company is a Houston-based independent oil and gas company engaged in international exploration and operations. Vanco is a leading deepwater license holder offshore Africa with over 20 million net acres offshore Morocco, Cote d'Ivoire, Madagascar, Ghana and Equatorial Guinea.

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