Vanco wins PSC interest offshore Equatorial Guinea

Feb 05, 2002 01:00 AM

Vanco Energy announces that its wholly owned subsidiary, Vanco Equatorial Guinea, has been awarded a 10 % interest in a PSC for the Corisco Bay block (Block N) in the prolific Rio Muni Basin offshore Equatorial Guinea.
Joining Vanco in the PSC are Petronas Carigali Overseas SDN BHD (Operator, 60 %) and Ocean Equatorial Guinea Corporation (30 %). The Government of Equatorial Guinea has a 15 % carried interest. The PSC was signed in Malabo, Equatorial Guinea, by representatives from the three companies and H.E. Minister Cristobal Manana Ela, Minister of Mines & Energy, representing the Government of the Republic of Equatorial Guinea.

Corisco Bay (Block N) ranges in water depths from shore to 200 meters, and covers 2,744 sq km (678,000 acres). The block is on trend and contiguous with Amerada Hess' Block G containing the Ceiba Oil Field and the Okume, Oveng and Ebano oil discoveries. Corisco Bay is also adjacent to the 1-mm-acre Corisco Deep Block K to the west in which Vanco has a 100 % interest, and is operator.
Like Corisco Deep, Corisco Bay features an Upper Cretaceous turbidite trend together with pre and post salt plays. Terra Energy Services has recently acquired a 1,500 sq km 3D speculative seismic survey over the block.

Vanco President and CEO Gene Van Dyke says, "We're so encouraged by what we're seeing on our Corisco Deep block, that we decided to increase our interest in Equatorial Guinea with this adjacent block. We are pleased to be working with Petronas and Ocean as partners. We're ready to get started on an aggressive work program for Corisco Bay."

Source: Vanco Energy Company
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