Petroleum Agency SA Awards TCA to Global Offshore Oil

The Petroleum Agency SA announces that an application from Global Offshore Oil Exploration (SA) (Pty) Ltd for a Technical Co-operation Agreement over an area to be known as the Tugela Block located offshore South Africa has been accepted subject to the conclusion of a mutually acceptable contract.

The objective of the Technical Co-operation Agreement is for the applicant to carry out a desk-study of the petroleum potential of the subject area utilizing and upgrading existing data and information, prepare and present a full report of the geological and geophysical analysis and interpretation and which then earns the exclusive right, for a limited period, to negotiate for a prospecting sub-lease. In this instance, because of the scarcity of existing data, Global Offshore Oil has undertaken to acquire 1000 km of new seismic data as part of the work program under the agreement.