Petroleum Africa
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Tuesday, November 7, 2006
InterOil Exploration & Production ASA announced that it has signed production sharing agreements (PSAs) for Blocks 5 and 6 in Angola. According to the company the signing of the PSAs is an important step in its establishing operations in West Africa.
Under the PSAs InterOil is now a 40% participant in Block 5, where Vaalco Energy Inc. is operator with an equal interest. Sonangol P&P is also a partner with an interest of 20%. On Block 6 InterOil has a 20% participating interest and is partnered with Petrobras, Sonangol, Initial Oil & Gas, and Falcon Oil. Petrobras is the operator of Block 6 with a 40% stake, the remaining 40% is held between Sonangol, Initial Oil & Gas, and Falcon Oil.
Blocks 5 & 6 are located in the shallow water areas of offshore Angola, and are on trend with major discoveries and production both North and South of the two blocks. 3D seismic was acquired in the late 90`s and in 2001 and will form the basis for a new exploration phase.
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