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Gaz de France Acquires Offshore Acreage in Mauritania

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

Gaz de France and the British firm Dana Petroleum also signed an agreement to exchange exploration and production assets. By this agreement, Gaz de France acquires an interest in three Mauritanian offshore exploration blocs (24% of bloc 1, 27.85% of bloc 7 and 17.5% of bloc 8). The Group has thus locked in a significant position in a region in which the considerable potential in terms of gas reserves offers sound prospects for development as of 2012/2014.

In return, Gaz de France sells Dana Petroleum equity interests in the British production fields of Johnston (22%) and Anglia (25%), as well as in the Egyptian exploration bloc of West El Burullus (30%). Gaz de France will keep 30% of Anglia and 70% of the Egyptian bloc after the exchange. The disposal in the British fields represents approximately 2% of the production of Gaz de France's Exploration and Production activities.

Through this agreement, subject to the approval of the relevant authorities, Gaz de France strengthens its strategic upstream integration, by affirming its position as a major player in an integrated natural gas export project based in Mauritania, targeting markets in Europe and North America.

The effective date of the deal will be July 1. 2005, except for the Egyptian bloc, which will be booked on September 15. 2005.

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