Ocean Energy Increases Acreage Offshore Angola

Ocean Energy, Inc. has acquired an interest in Block 10, offshore Angola, a 1.2 million-acre concession.

"The addition of Block 10 significantly increases our acreage in Angola, a strategic focus area for Ocean's international offshore exploration effort," said James T. Hackett, chairman, president and chief executive officer of Ocean Energy. "Block 10 is also located adjacent to Block 24, where we are currently conducting exploration activities. We are happy to be joining Sonangol in another important partnership in advancing Angola's future economic growth."

Ocean's subsidiary, Ocean Angola Corporation, will hold a 35 percent working interest and serve as operator of the block. Sonangol will hold a 20 percent working interest with the remaining 45 percent to be awarded to yet-to-be-named parties. The block lies in varying water depths to 1,500 feet at the deepest in the Benguela Basin, a sub-basin of the Kwanza Basin.

The agreement increases Ocean's overall holdings in Angola to 3.6 million gross offshore acres. The company is the only U.S. independent to be chosen as an operator in the country where there have been multiple major discoveries in the last five years.