Explogas via Genoil. in Cuba

Jan 14, 1997 01:00 AM

Explogas Ltd., a member of the St. Genevieve group of companies, has entered into an agreement with Genoil Inc. (the "Genoil Agreement'') to acquire an interest in Genoil's Cuban oil and gas properties. These properties include offshore Blocks V, VI, and VII where the Anna Maria no.1 well is due to commence drilling towards the beginning of March. Sherritt International is the operator of Anna Maria no.1, which is targeting a structure with estimated potential recoverable reserves of over 1 billion barrels of oil. At present, Genoil owns a 30% net interest in the 11 000 sqkm contract area comprising Blocks V, VI, and VII offshore southern Cuba. As a result of the Genoil Agreement, the net interest of Explogas in Blocks V, VI and VII will be 10% and the net interest of Genoil will be 20%. In addition, pursuant to the Genoil Agreement, Explogas will have the option to obtain up to 30% of Genoil's Cuban onshore Blocks 19 and 20. Genoil has a 100% interest in Block 20 and has signed a letter of intent with the Cuban government to obtain 100% of Block 19. Genoil is completing a 700 km seismic program on Block 20. This option entities Explogas to acquire the 30% net interest in Blocks 19 and 20 following completion of the seismic program under the same terms and conditions as other farm-in parties.
Explogas is a Montreal-based oil and gas exploration company which has acquired interests in properties in Quebec's St. Lawrence Lowlands. Genoil, a member of the St. Genevieve group of companies, is a Calgary-based oil and gas exploration company that currently owns 28% of the outstanding shares of Explogas. Genoil's Cuban properties are held through its subsidiary Genoil (Cyprus) Ltd.

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