Harvest Resources acquires Gabon block

Harvest Natural Resources Inc., Houston, will operate a block off Gabon after signing a purchase agreement with Sasol Petroleum West Africa Ltd.

Uchenna Izundu
International Editor

LONDON, Dec. 14 -- Harvest Natural Resources Inc., Houston, will operate a block off Gabon after signing a purchase agreement with Sasol Petroleum West Africa Ltd. Harvest will gain a 50% interest under the Dussafu Marin exploration and production-sharing contract.

The PSC contains 680,000 acres that lie in 1-1,000 ft of water.

Harvest Pres. and Chief Executive James A. Edmiston said, "The Dussafu PSC lies within an active proven hydrocarbon basin containing significant production and infrastructure in contiguous blocks and provides Harvest with exposure to multiple medium-to-low risk exploration plays and a pre-existing small oil discovery."

The partners will acquire 500 km of 2D seismic data, geology and geophysical interpretation, and engineering studies and it will drill a conditional well. This second exploration phase of the PSC, which started May 28, is expected to last for 3 years.

The PSC requires approval from the government and the other coventurers before it is finalized.

Contact Uchenna Izundu at uchennai@pennwell.com.

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