Soco Confirms Congo Presidential Decree Ratified Oil Rights
June 28 2010 - 2:08AM
Dow Jones News
Soco International PLC (SIA.LN) Monday confirmed a Congolese
presidential decree had ratified its rights to a key oil block.
President Joseph Kabila on June 18 confirmed licenses to two
blocks in Eastern Congo-Kinshasa, including the Soco one, that had
been awaiting his approval since December 2007. The blocks are
close to an area of Uganda where huge discoveries have been
made.
But in two other blocks, he replaced Tullow Oil PLC (TLW.LN) and
Heritage Oil PLC (HOIL.LN) by companies owned by a South African
businessman.
In a statement Monday, Soco said the "production sharing
agreement for block 5 in the Albertine Graben area of the
Democratic Republic of Congo has received the Presidential decree,
the final step in the concession award of the block."
During the initial five year exploration period, the U.K.
independent company and its partners have committed to acquire at
least 300 kilometers of seismic data and drill two exploration
wells.
Soco announced it would be the operator of the block with a
38.25% stake. A unit of Dominion Petroleum Ltd (DPL.LN) owns 46.75%
and state oil company Congolaise des Hydrocarbures 15%.
-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266;
benoit.faucon@dowjones.com
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