South African Energy Africa signs deal with Gabon

Jan 30, 1997 01:00 AM

South African oil and gas company Energy Africa has signed a major exploration and development deal with the Republic of Gabon in which it will acquire the rights to participate in six potential development projects and 22 exploration licences in Gabon. The acreage covered by these rights is said to include all the exploration licences currently in effect in Gabon, and more than 80% of the country's onshore and offshore sedimentary basins. John Bentley, managing director of Energy Africa, said the rights will be held by Energy Africa Gabon, which will be owned 25% by the Republic of Gabon and 75% by a joint venture company. The latter will be held 50% by Energy Africa and 50% by an African investment group, consisting of mainly Gabonese investors. Energy Africa would reveal neither the cost of the acquisition nor the projected development costs. However, its said that the company's net costs "can readily be met from its existing cash resources".
Development rights to be acquired are a 40% interest in three satellites to the onshore Rabi Kounga field. All marginal prospects, Niungo, Moukouti and Ganga, operated by Kelt Gabon, are currently the subject of feasibility studies. Also acquired have been 20% stakes on the offshore Ablette and Limande fields as well as 27.5% in the Turnix field. Agip operates Limande and recently announced a development plan while Kelt operates the remaining fields.

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