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Dragon Oil Awarded Exploration Blocks in Algeria

Source: www.gulfoilandgas.com 10/1/2014, Location: Africa

Dragon Oil in partnership with ENEL Trade S.p.A. ("Enel") has been awarded two exploration blocks ("perimeters") in Algeria, Tinrhert Nord Perimeter and Msari Akabli Perimeter.

Tinrhert Nord Perimeter
The Tinrhert Nord Perimeter in which Dragon Oil will hold a 70% participating interest and be the operator with Enel holding the remaining 30% is in the Illizi Basin in Eastern Algeria and near a number of producing oil and gas fields. The total area of the perimeter is 2,907 km2. A number of undeveloped discoveries have been previously identified on the perimeter. The commitment during the exploration period includes acquisition and interpretation of 2D seismic data and drilling four wells.

Msari Akabli Perimeter
The Msari Akabli Perimeter in which Dragon Oil will hold a 30% participating interest with Enel holding the remaining 70% and serving as the operator is in the Ahnet Basin in South-western Algeria. The total area of the perimeter is 8,096 km2. A number of undeveloped discoveries have been previously identified on the perimeter. The commitment during the exploration period includes acquisition and interpretation of 3D seismic data and drilling three wells.

Dragon Oil and Enel jointly participated in the 4th Bid Round to Award Hydrocarbons Exploration and Exploitation Contracts conducted by l'Agence Nationale pour la Valorisation des Ressources en Hydrocarbures of Algeria and bid on the scope and value of the work programme. The contract for the exploration and exploitation of hydrocarbons is expected to be signed in approximately one month.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, said:
"I am pleased to report that Dragon Oil in partnership with Enel, a major European company, has been successful in bidding for two exploration blocks in the 4th bid round in Algeria. This achievement represents a strategic move for Dragon Oil to establish a footprint in another North African country known to be rich in hydrocarbon resources and opportunities. We look forward to working closely with the host government and our partner Enel in Algeria."



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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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