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Sahara Petroleum Signs Agreement with Chasewood Consortium to Bid for Oil and Gas Exploration

Source: www.gulfoilandgas.com 7/18/2005, Location: Africa

Global Environmental Energy Corp confirmed that its subsidiary Sahara Petroleum Exploration Corp., a Corporation registered in the Commonwealth of the Bahamas has entered into an Alliance Agreement with Chasewood Consortium, Ltd., to bid for oil and gas exploration rights under the 2005 Nigerian Licensing Round.

Under the provisions of the Alliance Agreement, SAHARA is forming and leading a consortium involving CHASEWOOD and SAHARA's contract consultants the Vetra Group A.V.V., to explore and develop CHASEWOOD's oil and gas exploration and development opportunity in Nigeria. Under the 2005 Nigerian Licensing Round the Federal Government is inviting qualified companies to contest for the allocation of 75 oil blocks.

SAHARA having recently confirmed they have signed an Alliance Agreement to build a 70,000-barrel per day oil refinery in Nigeria, also signed an Alliance Agreement with Quickflow, S.A., for the development of specific oil and gas rights in Africa. The new SAHARA refinery is intended under its license to refine 25 million barrels of Nigerian oil in Nigeria per year, representing a cash flow at today's market process of approximately USD$1.5 billion per annum. It is Sahara's hopes to be able to refine a large portion of its own oil at the new Nigerian refinery.

Nigeria is a member of OPEC. Its crude oils have a gravity between 21 API and 45 API. Its main export crude's are Bonny Light (37) and Forcados (31). About 65% of Nigeria's oil is above 35 API with a very low sulphur content. Nigeria's OPEC quota is 1.89 million bbl/d. It is the 10th largest oil producer in the world, the third largest in Africa and the most prolific oil producer in Sub-Saharan Africa. In January 2005 Oil and Gas Journal estimated that Nigeria contains proven oil reserves totaling 35.2 billion barrels. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010.

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