IPL SIGNS E&P ACCORD FOR BLOCK IN ETHIOPIA

International Petroleum Ltd. (IPL), Vancouver, B.C., has signed an exploration and production sharing agreement covering a block in eastern Ethiopia. The Gambela block, which covers about 15,356 sq km about 400 km west of Addis Ababa, is at the intersection of two Mesozoic/Tertiary rift basins, Moglad and Melut. IPL plans to conduct seismic surveys prior to spudding a wildcat. Industry interest in the little explored country picked up in the 1970s, but falling oil prices during the 1980s and

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