Lundin signs PSC for two Ethiopian blocks
By OGJ editors
HOUSTON, Nov. 8 -- Swedish independent Lundin Petroleum AB signed a production-sharing contract for Blocks 2 and 6 in southeastern Ethiopia's Ogaden basin.
The two-block area spans more than 24,000 sq km.
Lundin holds a 100% interest in the PSC area through the exploration period, with the Ethiopian government having an option for a 10% interest following a commercial discovery.
No wells have been drilled on Blocks 2 or 6, but indications of light oil, gas, and condensate have been documented in well tests and surface seeps south and east of the blocks, Lundin said.