Hardman to drill in Red Sea

Afrex Ltd. has signed a memorandum of understanding (MOU) with the Eritrea government over the 11,550 sq km Massawa block offshore Eritrea, Red Sea, partner Hardman Resources said.

Afrex Ltd. has signed a memorandum of understanding (MOU) with the Eritrea government over the 11,550 sq km Massawa block offshore Eritrea, Red Sea, partner Hardman Resources said.

The MOU covers a production sharing contract (PSC) over the Massawa block in Eritrean territorial waters. The block is in a Tertiary aged salt basin. Surface oil seeps have been identified near the Dahlak Islands.

The partners will re-map the existing seismic data, then the joint venture will consider inviting farminees to drill exploration wells.

Afrex Ltd. operates the well with 40% interest, Pancontinental Oil and Gas 30%, and Hardman Resources 30%.

01/05/04

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