Teikoku, partners awarded blocks in Egypt

By Eric Watkins
Senior Correspondent

LONDON, June 27 -- Japan's Teikoku Oil Co. Ltd. said it and partners received two exploration blocks—South October Block and North Qarun Block—in Egypt. Teikoku plans to establish two wholly owned subsidiaries to handle the interests.

Teikoku (35%) and partner Devon Energy Corp. (65%) will acquire 270 sq km of 3D seismic data and drill two exploratory wells over 3 years on the 446-sq-km South October Block, which lies in the Gulf of Suez 250 km south of Cairo.

Teikoku (25%), Devon (50%), and Australia's Santos Ltd. (25%) will acquire 550 km of 2D seismic data and drill two exploratory wells over 3½ years on the 4,901-sq-km North Qarun Block in the Western Desert area.

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