Total Acquire 60% Interest in Block III

Source: www.gulfoilandgas.com 3/4/2011, Location: Africa

The board of DIG OIL sprl is pleased to announce that one of its subsidiaries, Semliki Energy SPRL, a company incorporated in the Democratic Republic of Congo, has concluded a farm in agreement with TOTAL E&P RDC pursuant to which Total will acquire a 60 percent undivided interest in Block III and will become the operator of Block III. The Government of the DRC, acting through the Minister of Hydrocarbons, has approved the Agreement and Total being appointed the Operator.

Block III is located within the Albertine Graben area of the Rift Valley, close to the border between the DRC and Uganda. The Albertine Graben is a proven petroleum discovery region, containing mature bituminous shales, as evidenced by numerous oil seeps and recent positive drilling results in adjacent oil concessions.

Over 800 million barrels of recoverable oil have been discovered in the Albertine Graben, the largest fields being Kingfisher (200 million barrels) and Giraffe-Buffalo (300 million barrels). The total resource base is estimated at two billion barrels. To date, the majority of the exploration has been within the borders of Uganda, but the DRC concessions are considered to be highly prospective, with Block III being close to recent significant discoveries.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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