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Source: www.gulfoilandgas.com 7/2/2004, Location: Africa
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Tullow Oil is pleased to announce that its subsidiary, Energy Africa, has signed a Production Sharing Contract with the Government of the Republic of Uganda in respect of Block 1. Energy Africa will hold a 50% interest and Heritage Oil Corporation 50%. Heritage will act as operator on behalf of the contractor group.
Block 1 is located immediately north of Blocks 2 and 3 where Energy Africa also holds 50% interests with Hardman Resources and Heritage Oil Corporation respectively. Exploration work undertaken in these areas, including drilling and seismic surveys, has demonstrated the presence of hydrocarbon reservoir and potentially large structures in the Albertine Graben of which Block 1 covers the northern extent.
Aidan Heavey, Chief Executive of Tullow Oil said:
“The addition of Block 1 to our acreage in the Albertine Graben in Uganda consolidates our position in this highly prospective frontier basin where an accelerated exploration and appraisal program is planned in the coming months.”
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