Additional reserves in Angola block 4/05

Angolan national oil company Sociedade Nacional de Combustíveis de Angola E.P. and Sonangol Pesquisa e Produção S.A. (Sonangol P&P) have announced the discovery of additional reserves in the Gimboa Development Area in the deepwater block 4/05.

Offshore staff

OSLO, Norway -- Angolan national oil company Sociedade Nacional de Combustíveis de Angola E.P. and Sonangol Pesquisa e Produção S.A. (Sonangol P&P) have announced the discovery of additional reserves in the Gimboa Development Area in the deepwater block 4/05.

The appraisal well, 4-31-11, in the western part of the block, encountered oil in Miocence reservoirs in two adjacent compartments. During a test of compartment B, the well produced 5,346 b/d of 26ºAPI. Samples also were collected from compartment A. Technical studies of the reserves as an extension of the Gimboa project are ongoing.

The Gimboa field, discovered in 2004, is under development. Production is expected to begin in 3Q 2008 at 50,000 b/d.

Sonangol EP is block 4/05 concessionaire. The contractor group comprises operator Sonangol P&P with 50% interest, Norsk Hydro Quatro AS with 20% interest, Somoil with 15% interest, and ACR with 15% interest.

8/24/2007

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