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Harvest Natural Resources Acquires an Interest in Gabon Exploration Block

Source: www.gulfoilandgas.com 12/13/2007, Location: Africa

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Harvest Natural Resources announced it has executed a sale and purchase agreement to acquire a 50 percent operated interest in the Dussafu Marin Exploration Production Sharing Contract (PSC) located offshore Gabon from Sasol Petroleum West Africa Limited. The acquisition is subject to the approval of the Government of the Republic of Gabon and the co-venturers in the PSC. The PSC contains 680,000 acres located at water depths ranging from 0 to 1,000 feet.

Harvest President and Chief Executive Officer, James A. Edmiston, said: "The Dussafu PSC lies within an active proven hydrocarbon basin containing significant production and infrastructure in contiguous blocks and provides Harvest with exposure to multiple medium to low risk exploration plays and a pre-existing small oil discovery. Entry into Gabon with an operated position in the Dussafu PSC is consistent with our plans to organically grow a more diverse asset portfolio while maintaining focus on highly-proven hydrocarbon provinces."

The PSC co-venturers recently agreed to enter into the three-year second exploration phase of the PSC with an effective date of May 28, 2007. The second exploration phase work commitment includes the acquisition and processing of 500 kilometers of 2D seismic, geology and geophysical interpretation, engineering studies and the drilling of a conditional well.

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