SOCO secures Lake Edward area concession

The Production Sharing Agreement for block 5 in the Albertine graben area of the Democratic Republic of Congo has received the Presidential Decree.

Offshore staff

LONDON -- The Production Sharing Agreement for block 5 in the Albertine graben area of the Democratic Republic of Congo has received the Presidential Decree. According to operator SOCO Exploration Production DRC SPRL, this represents the final step in the concession award process.

Block 5 is at the southern end of the Albertine Rift system and includes part of Lake Edward. They have committed to acquiring at least 300 km (186 mi) of seismic data and drilling two exploration wells during the permit’s first five-year period.

The partnership consists comprises SOCO (38.25%), Dominion Petroleum Congo SPRL (46.75%), and state oil company Congolaise des Hydrocarbures (COHYDRO) with 15%.



06/29/2010

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