Santa Fe Energy Resources signs PSC with Ghana

Jul 14, 1997 02:00 AM

June 25, 1997 Santa Fe Energy Resources (SFR) has signed a production sharing contract with the Ministry of Mining and Energy of Ghana and the Ghana National Petroleum Company (GNPC). The contracts is entitling SFR to conduct exploratory oil and gas activities on the Keta Block, located on the Volta River delta of Ghana's eastern coastal area, about 100 km east of Accra, Ghana's capital city. The Keta Block covers an area of approximately 10,500 sq km (2.5 mm acres), 80 % of which lies offshore.
James L. Payne, chairman and CEO of Santa Fe Energy Resources, said, "We are pleased to announce this extension of our activity and operations to another country in our West African core area. The Keta Block is particularly exciting as it offers the possibility of substantial discoveries in a geological environment that we know well. We have been able to negotiate contract terms that will make discoveries attractive not only to the people of Ghana but to our stockholders as well, and we look forward to working withour new partners at GNPC."
Santa Fe Energy Resources of Ghana, a wholly owned subsidiary of SFR, holds 100 % of the working interest in the Keta Block. The Company has committed to a three year work program which includes the reprocessing of existing seismic data, the acquisition of additional seismic and the drilling of at least one well. Total spending will be at least $ 10 mm during the initial period. The contract will become effective after ratification by Ghana's parliament.

Santa Fe Energy Resources now holds interests in five offshore blocks in three West African countries. The Company owns interests in two blocks in Gabon including an interest in the Kowe Block scheduled to begin production during early 1998, as well as two blocks in Cote d'Ivoire where drilling is planned as early as 1998. The Keta Block is the Company's first contract area in Ghana.

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