Devon Energy, Teikoku Oil win Gulf of Suez block

Offshore staff

Devon Energy Corp. and Teikoku Oil have been awarded the South October block in the middle portion of Gulf of Suez. The Egyptian South October block is 250 km southeast of Cairo and covers 446 sq km.

The permit requires acquisition of 270 sq km of 3D seismic data and drilling of two exploratory wells with $17 million investment in the initial three-year exploration period. Devon, operator, has 65% and Teikoku Oil holds the remaining 35%.

6/28/05