We have arrived in Benin
We have expanded our operations in Africa. We acquired a 50% stake in Block 4, located in Benin, on the Western coast of Africa. Negotiations were conducted with Compagnie des Hydrocarbures Beninoise (CBH), a subsidiary of Lusitania Petroleum, which holds the remaining 50% of the stakes.
Our expectation is to find light oil, reproducing other discoveries made in other exploration activities in Africa. The arrival in Benin gives continuity to our strategy of seeking opportunities in deep and ultradeep waters in the region. We are currently present in the following African nations: Angola, Libya, Namibia, Nigeria, and Tanzania.
The block covers an area of approximately 7,400 square kilometers with water depths ranging from 200 to 3,000 meters, at an average distance of 60 km from the coast.
CBH remains the operator, but we have the right to take the operation over. The work commitment is to make the acquisition and processing of 2,250 square kilometers of 3D seismics by the end of 2011. If the area's exploration potential is confirmed, the consortium commits to drill three wells.
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