RWE Dea Signs Farm-In Agreement with PETRONAS Suriname

RWE Dea has signed a farm-in agreement with PETRONAS Suriname E&P BV (“PETRONAS Suriname”), acquiring a 40% interest in the licence Block 52 off the coast of Suriname. In doing so, RWE Dea will secure entry into the South American country with proven hydrocarbon potential.

Under the farm-in agreement which is subject to completion, RWE Dea will acquire a 40% stake in the licence for Block 52. The licence area covers 4,743 square kilometres and is located in the Guyana-Suriname Basin, some 120 kilometres off the northeast coast of South America in water depths ranging from 100 to 1,000 metres. PETRONAS Suriname is the operator of this prospective exploration area with high-impact potential in Upper Cretaceous strata. The planned work programme for Block 52 comprises a 3D seismic survey and the drilling of one exploration well in the next three years.

“Taking up a share in this licence provides early access to a promising geological basin, and further strengthens our position in one of our core regions,” said Thomas Rappuhn, Chief Executive Officer RWE Dea AG. “The Equatorial region of South America is of strategic importance for RWE Dea, and we are looking forward to the exploration campaign as this acreage provides the opportunity for the discovery of large scale deposits,” explained Rappuhn.

RWE Dea already has a presence in the region since 2011, when the company acquired a stake in licence NCMA2 offshore Trinidad & Tobago. Drilling of a first exploration well is planned for second half of 2013. Sustainable growth in selected core regions is integral part of the company’s strategy. To that end, RWE Dea is also evaluating participation in the current bid rounds in Suriname and Trinidad & Tobago.

Licensees Block 52: RWE Dea AG: 40% and Petronas Suriname (operator): 60%.

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Press Release, June 13, 2013