By the OGJ Online Staff
HOUSTON, Sept. 5 -- RWE-DEA AG, Hamburg, has agreed to acquire a 58.8% share of Ramco Energy PLC subsidiary Medusa Oil & Gas Poland, which owns stakes in Carpathian Blocks 434, 435, 454, and 455 in southern Poland.
Medusa Oil & Gas (Europe) BV will hold the balance of Medusa Poland.
RWE-DEA will fund the next $12 million of an agreed work program, including seismic surveys and the drilling of two exploration wells before the end of September 2002.
The blocks cover 2,077 sq km and lie along Poland's southern border with Slovakia.
Medusa Poland has completed three seismic surveys totaling 596 km of 2D data and has identified target structures with proven gas indications on trend. Medusa Poland's first well is planned early next year.
