Minexco Becomes Operator of Offshore Block in Sierra Leone

Minexco S.L Limited has executed a Petroleum License agreement along with Signet Petroleum, with the Petroleum Directorate of Sierra Leone for Block SL7A-10. The Petroleum License was ratified by the Sierra Leone Parliament in Freetown on 21st September 2012.

Minexco has been appointed as Operator of the Block with a 90% participation interest and Signet Petroleum holds a 10% interest.

Block SL 7A-10 covers three thousand four hundred and ninety square kilometres (3,490 Sq. Km), it is located in water depths of up to three thousand meters (3,000m) and was one of the most sought after blocks in the recent Sierra Leone Licensing round.

The exploration programme will target deep water turbidite channel plays which are considered to have similar high impact potential in such recent discoveries as Mercury, Jupiter and Venus, made by Anadarko in the adjacent Block 7B-11.

Minexco and Signet will license all available 2D and 3D seismic data and acquire additional 2D and 3D data as part of the work programme as well as contribute to social programmes, local training and will make efforts to provide employment to local Sierra Leone nationals wherever possible.

Minexco S.L Limited is a wholly owned subsidiary of Minexco Petroleum, a part of the Minexco Group of companies based in Gibraltar. Minexco is a private oil and gas exploration and production company, currently building a substantial portfolio of upstream oil and gas ventures across West Africa and the northern part of South America.

[mappress]
Press Release, October 15, 2012