Abacan acquires huge offshore blocks in Benin Basin
Feb. 5, 1997 Abacan Resource Corporation has acquired a major interest in two exploration blocks in waters of the Benin Republic, in West Africa. The offshore properties are contiguous to and west of Abacan's offshore blocks on the Nigerian side of the Benin Basin where Abacan made an oil discovery last fall. Abacan signed the agreements in partnership with Switzerland-based Addax Petroleum (Benin) Ltd. and the Benin Government, covering Blocks #1 and #4 which extend from the coast of Benin into deep waters. Benin Block #1 is on the western border of Nigerian Block 309 and covers approximately 120,000 acres. The producing Seme oil field is situated inside Block #1 and Abacan/Addax have an option to take over operation of the field after further technical review. Block #4 extends from the Nigerian border, across Benin, to the Togo border and covers approximately 2.5 million acres. Abacan intends to shoot seismic, re-enter an existing well at Seme and drill an exploration well in 1997.