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ONAL Field Operating Agreement Signed in Gabon

Source: www.gulfoilandgas.com 12/22/2006, Location: Africa

Maurel & Prom announces the issue by the Republic of Gabon's Minister of Mines of an exclusive authorization to operate the ONAL onshore field (45.8 km˛) on the Omoueyi permit (4 178 km˛) in Gabon.

This approval was granted on Wednesday December 13, 2006, for a 10-year period that is renewable once and substantiates the intensity, speed and success of Maurel & Prom's exploration-appraisal program in Gabon.

Maurel & Prom points out that the company now holds 100% of the ONAL permit. The Gabonese government and the sellers of the Omoueyi permit have a 15% right of entry and a 10% clawback upon reimbursement of past costs, respectively which could reduce Maurel & Prom's share to 75% of the ONAL field.

It is planned to develop the ONAL field in two phases. The first phase involves setting up the surface installations, building the flow lines and the oil pipeline, and starting up production of the four exploration wells drilled in 2006 and of 11 producer wells to be drilled in 2007. The second phase will involve drilling 12 water injection wells.

Production is expected to be in the order of 12 000 b/d, at 100%, during the first half of2008.

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