Surestream Looks to Farm Out a 40% Interest in its Ndunda Block

Nanes Delorme has been retained as exclusive advisor to assist Surestream Petroleum in offering up to 40% of its interest in the Ndunda Block, onshore Democratic Republic of Congo. Surestream has decided to initiate a process to select a strategic partner to participate in the next growth stage of its exploration phase on the Ndunda Block, which is part of the last very prospective exploration areas in the Lower Congo Basin, which has lacked serious exploration efforts since the early 1980's.

Surestream has an 85% WI in the Ndunda Block which covers an area of approximately 932 square kilometers. The remaining 15% WI is held by CoHydro, the National Oil Company and a local Congolese company. Surestream plans to start a 2D seismic campaign in 2008 and to drill two exploration wells in 2009.

This Block appears to be on trend with the M'Boundi field (Republic of Congo), which is the largest onshore field, discovered in recent years in West Africa. ECL estimated over 1 billion barrels of Oil in Place for the Ndunda Block.

The Ndunda Block is located in the narrow coastal strip of the Congo River estuary, sandwiched between mainland Angola to the south and the enclave of Cabinda to the north. Geologically, the province lies within the Congo Basin - a sizeable sedimentary basin that contains all the oil fields of Congo-Brazzaville, Cabinda, DRC and northwestern mainland Angola. Perenco produces over 10,000 bopd in the adjacent onshore block.