Mitsubishi Applies for Production Development at New Gabonese Oil Field

MPDC Gabon Co. Ltd., a wholly owned subsidiary of Japan's Mitsubishi Corporation, has discovered an oil field in the Ebene license, offshore the Gabonese Republic. The discovery was named Loche East Marine field and was immediately applied for development and production authorization, which is expected to be approved by Gabonese administration in a few months time.

Currently producing around 1,000 barrels per day with 1 well, the Loche production is expected to reach more than 2,000 barrels per day with maximum reserve potential of 7,500,000 barrels according to MPDC Gabon. Oil show has been observed through an exploratory drilling in March 2007 and has been verified by an appraisal well completed in November 2008.

French large independent Perenco, who is the 3rd largest oil producer in Gabon, owns 50% in the license with operatorship, and a partner MPDC Gabon holds remaining 50%. The production and export is planned to utilize the adjacent production platform owned by Perenco to optimize the project economics and bring early production.

MPDC Gabon currently has interests in 4 offshore licenses, including 1 exploration block with 100% operating interest, and produces 6,000 to 7,000 barrels of equity oil per day.

West Africa, one of the fastest growing and highly potential oil producing areas in the world, has always been a main focus area for Mitsubishi Corporation and today it also produces oil in Angola, besides Gabon. Gabonese Republic, producing oil since 1957, is one of the oldest oil producers in Africa. Although not a major oil producer in Africa today in terms of volume of oil produced, its well established industrial infrastructure has been attracting various international oil producers and regarded as one of the most important countries by them.