Ocelot Energy enters third PSC in Gabon

Jul 14, 1997 02:00 AM

June 26, 1997 Ocelot Maghena Gabon Inc., has entered into an Exploration and Production Sharing Contract with the State of Gabon for the Maghena Permit No. G4-182. The Contract provides exclusive rights to explore a 1,064 sq km area located between the permit areas under previously announced Production Sharing Contracts. Ocelot considers that the area of the Maghena Permit provides a natural extension to its existing holdings in the Ocelot Panthere Nze and the Ocelot M'Bindji Permits awarded in December 1996. As a result, Ocelot now has development and exploratory rights on three blocks totalling 4,952 sq km (1.2 million acres).
Ocelot is currently conducting a 3D seismic program over one of the five previously discovered oil pools located in its Panthere Nze and M'Bindji permit areas. A drilling and workover rig has been contracted and is scheduled to commence work on the NYOB-1 well in September 1997. This well was drilled on the Panthere Nze Permit in 1988 and flow tested at a rate of over 1,400 barrelsof oil per day at that time. The well is currently suspended, however, production is expected by year end 1997.

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