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Burren: MOU Signed by Operator Maurel & Prom with Total RE. Handling of Congo Crude

Source: www.gulfoilandgas.com 3/30/2005, Location: Africa

Well 1001, a step-out well recently drilled at the north-north-east end of the M’Boundi field, has been tested at an initial flow rate of 4,000 bopd from the shallowest section of the Vandji reservoir, indicating a further extension of the reservoir in this direction. Preliminary interpretation of well log data indicates a thickening of this reservoir section in this area, with excellent permeability and porosity.

Well 1303, recently drilled at the north-east end of the M’Boundi field, has encountered tight unproductive reservoir, and will therefore not be commercially developed.

Memorandum of Understanding signed by Operator with Total

Maurel & Prom, the Operator of Burren’s Congo interests, has announced the signing of a Memorandum of Understanding (“MOU”) with TEP Congo, a subsidiary of Total and operator of the Djeno terminal, regarding the handling and export of crude oil from the M’Boundi and Kouakouala fields. Crude from these fields is presently incorporated into the Djeno Blend (28 degrees API, as compared with 39 degrees API for the M’Boundi and Kouakouala crudes), which in 2004 realised an average discount to dated Brent of approximately US$3.70 per barrel. The MOU provides, subject to certain modifications to the facilities at the Djeno terminal which are expected to be completed by the end of Q3 2005, for the M’Boundi and Kouakouala crudes to be incorporated into the lighter Nkossa blend that sells a discount to dated Brent of approximately US$1.00 per barrel.

The terms of this MOU are non-binding, and the contracts are subject to approval by all partners in the Kouilou and Kouakouala PSCs and by those parties with existing offtake rights to Nkossa blend.


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