Statesman Resources Ltd. announces that on 3 July 2012 it signed an Exploration and Production Sharing Agreement (EPSA) with the Government of the Republic of the Sudan for the award of a seventy five per cent (75%) working interest in Block 14. The award remains subject to the Company satisfying a number of financial hurdles over the next two months. Block 14 covers an area of over approximately 100,000km2 and includes a committed work program of a minimum of US$12M over a three (3) year period.
Statesman is working with an Australian listed company on a number of African exploration opportunities. This informal arrangement is in the final stages of being documented and details of the arrangements will be announced shortly. The underlying principle of the arrangement will result in the Australian company having either a direct or indirect interest (up to 50%) in African projects that the companies jointly pursue.
Statesman’s principal asset is a 75% working interest (65% average net revenue interest) in leases (Bear Leases) that cover approximately 20,000 acres and that are held by production from the Reichel Gas Field. Statesman’s working interest is limited to leases on which it has drilled, new leases and the portions of all remaining leases that surround, but do not include, historically producing well sites. Statesman has further interests in oil and gas leases in Californian as well as an active new venture program focussing on exploration opportunities in North America and Africa.
