By OGJ editors
HOUSTON, May 8 -- Sasol Petroleum International (Pty.) Ltd., Johannesburg, has contracted with Atlas Petroleum International Ltd., Lagos, for Sasol to assume a 20% interest in Block H in the Rio Muni basin in Equatorial Guinea.
Exploration drilling is slated for next year. Sasol also negotiated a seismic option on Blocks I & J, near Bioko Island.
Roc Oil Ltd., Sydney, with a 60% interest, is the original technical partner—the designated role of a foreign operating company in partnership with indigenous companies in some African countries—on Block H, with Atlas and SPI now holding 20% each.
Interpretation of a newly acquired 3D seismic survey is now under way on Block H, which lies north of ChevronTexaco Corp.-operated Block L (in which SPI holds a 10% interest) and on trend with the recently discovered fields of Amerada Hess Corp. in Blocks F and G.
The agreement is subject to approval by the Equatorial Guinea government.
Seismic acquisition was due to start last week in Blocks I and J. Following completion of the seismic program and evaluation, SPI will have the option to take up a 50% equity in the blocks and assume the role of technical partner on the two blocks in partnership with a local entity.
