Perenco Cameroon Signs Offshore PSC

Perenco S.A.'s Chairman and the Executive General Manager of the National Hydrocarbons Corporation (NHC) signed a Production Sharing Contract for oil exploration in the Elombo block (former Ebodje permit) situated offshore in the Douala/Kribi-Campo basin, with a surface area of 2405 km².

Under this Contract, Perenco Cameroon commits to carry out exploration activities on this zone for an initial period of three years. The minimum work program includes the acquisition, processing and interpretation of 300 km² of 3D seismic and drilling of an exploration well to a minimum depth of 2000 meters or 200m penetration in the Mundeck Formation. The investment corresponding to this program is US $20 million.

Depending on the results obtained in the first period, this Program could be extended by two additional periods of two years during each of which the drilling of an additional exploration well is envisaged to a minimum depth of 2000 meters. The minimum investment over the three periods totaling seven years is US $50 million.

This is the sixteenth contract to be signed as part of implementation of Law n° 99/013 of December 22, 1999 to institute the Petroleum Code.