Exploration and Production Contract signed in Mozambique.
DNO has acquired an 80% interest and operatorship in an exploration licence, the Inhaminga Block, onshore Mozambique close to the city of Beira. An Exploration and Production Contract (EPC) was signed on 27th June with the Ministry of Mineral Resources and Energy in the capital Maputo with an initial contract commitment to drill an exploratory well to the base Grudja formation within a period of 18 months. Sands in the Grudja formation represent the producing reservoirs of the Pande and Temane gas fields presently being developed by Sasol some 200 km south of the Inhaminga block.
A US exploration firm, Wilrusco, hold the remaining 20% of the licence.
Contract Approval of Licence in Equatorial Guinea
The authorities of Equatorial Guinea has ratified the agreement earlier negotiated by a consortium consisting of Ocean Energy (now Devon Energy), Petronas, Atlas Petroleum and DNO for the Block P offshore Rio Muni in Equatorial Guinea. The state owned company, GePetrol, has been assigned an interest of 20%. DNO's participating interest is 5.0% with a paying interest (exploration) of 6.25%.
Oslo, 30. June 2003
For further information, please contact :
Helge Eide
Group Managing Director
DNO ASA
Telephone:+47 23 23 84 80 / +47 55 22 47 00