27-07-09 Starc and Glencore Exploration have signed a production-sharing agreement with Equatorial Guinea's state oil firm GEPetrol for offshore Block EG-07. The companies negotiated the PSC in Malabo along with the Ministry of Mines Industry and Energy, but it still requires ratification by the government.
Block EG-07 (formerly Blocks D-14 and E-14) lies to the west of Blocks I and Q in Equatorial Guinea's segment of the Douala basin. Noble Energy recently said it plans to develop its $ 1.3 bn Aseng oil and gas-condensate project on Block I by mid-2012. Glencore has a 25 % interest in the project.

Interest holders in the Block EG-07 license include Starc with 47.5 %, Glencore 37.5 %, and GEPetrol 15 %.
The Ministry of Mines, Industry, and Energy anticipates that additional PSCs will be signed before yearend 2010.