Scimitar expands exploration block in Mozambique

Jul 29, 1997 02:00 AM

July 15, 1997 Scimitar Production International Ltd. has been granted a significant expansion of the Company's Buzi-Divinhe Block, Mozambique. Scimitar's Production Sharing Agreement for the Buzi-Divinhe Block became effective on January 1, 1996, with the block then having an original area of approximately 2,139,000 acres (8,355 sq km). The 1996 seismic program in the Block indicated prospectivity for additional gas reserves to the west and south of the original Block boundaries. Based on these results, Scimitar applied for and has now received a triangular expansion of the Block, which increases the Block's area by approximately 44 %, to a total of approximately 3,086,000 acres (12,190 sq km).
Scimitar is currently in the process of mobilising a drilling rig and associated equipment into the Buzi-Divinhe Block for the immediate drilling of 2 exploration wells in the northern and central portions of the Block. Exploration in the expansion portion of the Block would be initiated by a seismic program, tentatively planned for the 1998 work season.
Upon drilling the two wells, Scimitar will hold a 75 % interest in the expanded block, with Leopardus Resources Limited holding the remaining 25 %. Natural gas produced from the block up to a maximum of 1.2 trillion cubic feet is covered by a recently concluded gas purchase option agreement in favour of the South African mining house JCI Limited.

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