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Sasol strikes more oil offshore Southern Gabon

Source: www.gulfoilandgas.com 2/4/2004, Location: Africa

Sasol today announced the discovery of a promising new oil field located in shallow water at Ebouri, offshore southern Gabon, where it already has a 27.75% share in the 15 000 barrel a day Etame oilfield which started producing oil in 2002.

"The discovery of oil in the first well drilled this year is encouraging and indicates that offshore southern Gabon has the potential to become a significant future cash generator for Sasol," says chief executive Pieter Cox.

Engineering studies to appraise and develop the discovery will now be undertaken by the operator of the block, Houston-based VAALCO Energy, Inc.

The discovery well is located at a water depth of 76 meters, about 11 km north west of Etame. Cox confirmed that two more exploration wells will be drilled in Gabon this year.

"The next few months will be an exciting phase in our West African campaign as we are also about to drill our first exploration well on the adjacent Dussafu Block, immediately south of the Etame oilfield," he said.

Sasol is the operator of the Dussafu venture and intends to complete its exploration drilling programme in mid-2004.

Sasol Limited subsidiary Sasol Petroleum West Africa Ltd, owns a 27.75% interest in the Etame Field. VAALCO Gabon Etame, Inc. is the operator and holds a 28.07% interest. Other field partners are PanAfrican Energy Gabon Corp. (31.36%), Energy Resources Japan Etame (Gabon) Limited (2.98%) and PetroEnergy Resources Corp. (2.34%), and E.A.G.S.A. (7.5%).


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