By OGJ editors
HOUSTON, Aug. 16 -- Forest Oil Gryphon Marin BV, subsidiary of Denver-based independent Forest Oil Corp. and operator of the Gryphon Marin production-sharing contract in the Gabon Coastal basin off southern Gabon, has entered into interest participation agreements with two partners:
London-based Paladin Resources PLC's subsidiary, Paladin Resources (Gabon) Ltd., will earn a 20% working interest in the 9,764 sq km, shallow-water prospect, and Tullow Oil PLC subsidiary Energy Africa Gabon SA will earn 15% in addition to its existing option on a10% participation in the event of commercial development.
Following Gabon government approvals, Forest Oil will hold 40%, PetroSA (Pty.) Ltd. 25%, Paladin 20%, and Energy Africa 15%
Exploration activities will include reprocessing existing 3D seismic data and acquiring additional 3D data this year, and drilling an exploration well in second half 2005.