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Disposal of 20% of Gaz de France's Rights in the Touat permit in Algeria

Source: www.gulfoilandgas.com 11/28/2005, Location: Africa

Gaz de France launched a tender in order to sell 20% of it interest in the Touat permit in Algeria. The Group decided to accept the bid submitted by the British firm Dana Petroleum. A binding agreement has just been signed with this firm for USD 93 million. This agreement is subject to the approval of Algerian authorities and will take effect retroactively on October 1. 2005.

Covering an area of 15,392 square kilometers, the Touat permit is located in the Sbaa basin in southwestern Algeria. Gaz de France acquired hydrocarbon prospecting and operating rights on this license in January 2003 and has become the operator with 75% of the project, in partnership with Sonatrach, the Algerian national utility, which holds the other 25%.

After the transaction with Dana Petroleum, Gaz de France will still hold 60% of the project. The positive results of the first phase of assessment, which lasted three years, led Sonatrach to agree to launch a second phase of exploration.

The partnership with Dana Petroleum will make it possible, together with Sonatrach, to develop a deposit that could provide new sources for Gaz de France's supply portfolio. The deposit will enable Algeria to have new major sources of natural gas as of 2010. Technical reserves are estimated at 75 billion m3.

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