01-05-02 Energy Africa Gabon, which is 50 % owned by Energy Africa, signed a new Production Sharing Contract with the State of Gabon for the Akoum Permit, previously designated as HM2000 on April 19, 2002. Akoum is located in the shallow offshore, approximately 100 km south-southeast of Port Gentil.
The Permit covers an area of 2947 sq km and surrounds three producing fields (Tchatamba Marin, South and West), which are together producing 40,000 bpd of oil. The Tchatamba fields, in which EAGSA holds a 25 % interest, are operated by Marathon Gabon (56.25 %).

EAGSA will operate the Akoum Permit with a 100 % interest. The State has the right to back-in to a 10 % interest on first production. The company intends to drill one exploration well in the next year and possibly a second well within the initial two year license period.
Rhidwaan Gasant, Managing Director of Energy Africa says "We are very pleased to have been awarded the Akoum Permit which is our first operated block offshore Gabon. The award confirms our intent to make use of our knowledge and experience of the area to build upon our success in Gabon and to grow our business there".