Eritrea Taps TGS-NOPEC to Promote Zula Exploration Block

Eritrea's Ministry of Energy and Mines has reached an agreement with TGS-NOPEC Geophysical Company to promote a licensing opportunity in the nation's Zula block. Zula, measuring 7,000 square kilometers, is located in the shallow waters (60 meters) of the Red Sea offshore central Eritrea. The region has several proven petroleum systems with source rocks, numerous oil gas and condensate shows and discoveries. A number of large leads and prospects have already been mapped and documented.

Eritrea, a stable African nation of 4.5 million citizens off the southern Red Sea, is offering attractive and negotiable licensing terms for the block. TGS has created a data room at its Houston office to display seismic data, well logs and an interpretation report related to the project.

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