Austin independent to explore Gabon

Gabon acreage, geological setting [189,031 bytes] Nescor Energy Co. Ltd., Austin, has been awarded a production-sharing agreement (PSA) in Gabon by Gabon's Ministry of Mines, Energy, and Petroleum to explore, develop, and produce oil and gas in the onshore Salsich Permit G4-187 (formerly known as Block RGA-3B). The permit area covers about 300,000 acres and is 6 miles east of Port Gentil and Point Clairette oil field and is believed to contain undeveloped oil and gas discoveries at a depth

July 27, 1998

Gabon acreage, geological setting [189,031 bytes]

Nescor Energy Co. Ltd., Austin, has been awarded a production-sharing agreement (PSA) in Gabon by Gabon's Ministry of Mines, Energy, and Petroleum to explore, develop, and produce oil and gas in the onshore Salsich Permit G4-187 (formerly known as Block RGA-3B).

The permit area covers about 300,000 acres and is 6 miles east of Port Gentil and Point Clairette oil field and is believed to contain undeveloped oil and gas discoveries at a depth of 7,000 ft.

Nescor's Vice Pres. of Exploration Ranjit K. Das said several exploration leads have also been identified on the permit, which he postulates could contain potential reserves of about 400 million bbl of oil. He added that the contract area lies on an oil productive trend related to salt structures that have yielded production of more than 1 billion bbl from nearby fields.

The PSA provides Nescor an initial 3-year exploration period with an option to extend for an additional 4 years.