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Denerco Oil Enters Joint Venture in Oman

Source: www.gulfoilandgas.com 10/1/2005, Location: Middle East

The Danish upstream Oil and gas company Denerco Oil A/S has entered into a Farmout Agreement with EnCana International (Oman) Ltd., a wholly owned subsidiary of EnCana Corporation, the Calgary-based Canadian independent Oil and gas company. Under the terms of the agreement Denerco Oil will earn a 50 per cent working interest in Block 3 (Afar) & Block 4 (Ghunaim) Exploration and Production Sharing Agreement (“EPSA”), onshore Oman. EnCana Oman will retain the remaining 50 per cent working interest in the EPSA and continue to act as operator.

This 50 per cent participation in Blocks 3 & 4 in Oman represents Denerco Oil’s first investment outside the North Sea and thus its first onshore activity outside Denmark. It is planned to drill a number of exploration wells and the first joint drilling campaign will commence in October. The Oman transaction is Denerco Oil’s largest investment outsideDenmark. Denerco Oil expects to make total exploration investments of up to DKK 120 million in Blocks 3 & 4 over a two-year period.

Spanning an area of approximately 40,000 km2, Blocks 3 & 4 are located in the eastern part of Oman along the flank of the Ghaba Salt Basin, a prolific producing basin which contains 10 billion boe discovered Oil and gas. A significant part of Oman’s current Oil and gas production comes from the Ghaba Salt Basin, and some Oil fields are located immediately to the west of the boundary to Blocks 3 & 4.

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