Verenex, Medco sign Exploration and Production Sharing Agreement in Libya
Sunday, March 13 2005 - 12:01 PM WIB
Canadian oil firm Verenex Energy Inc. announced on Saturday that the company and its partner have signed an Exploration and Production Sharing Agreement (EPSA) with Libya's National Oil Company for Area 47, a 6,182 square kilometer area in the Ghadames Basin in northwest Libya, awarded in the First Bid Round on January 29, 2005.
The EPSA has received final ratification from the Libyan Government and no further approvals are required. The effective date of the EPSA is March 12, 2005.
The EPSA gives Verenex, as Operator with a 50% interest, and its 50% partner PT Medco Energi Internasional Tbk ("Medco") the right to explore for oil and gas for a five-year period and to exploit any commercial discoveries over a subsequent 25-year period.
Work is underway to secure contractors to commence a 3-D and 2-D seismic program in 2005 to position for first drilling in 2006.(alex)