London-headquartered Tullow Oil plc executed an agreement with Agip Algeria Exploration BV to acquire a 30 percent participating interest in Block 222b onshore eastern Algeria. The agreement is subject to an official approval by Sonatrach and Algerian authorities.
The original petroleum contract was executed between Agip Algeria Exploration BV and Sonatrach in May 1999. Block partners are now Agip Algeria Exploration BV, operator, Tullow Algeria Ltd. and Teikoku Oil (Algeria) Co. Ltd.
The first exploration period will run for three years from May 2000 until May 2003, during which a minimum of one exploration well will be drilled.
Total amount of minimum investment during the three-year period will be $8 million.
© 2001 Mena Report (www.menareport.com)