BAKLON Inc Believes!

Saturday, February 26, 2011

Petrobras acquires exploratory block in Benin, Africa

Wednesday, Feb 23, 2011

Petrobras, inform that acquired 50% interest in Block 4, located off the coast of Benin – a country situated on the west coast of Africa -, from Compagnie Béninoise des Hydrocarbures (CBH), a subsidiary of Lusitania Petroleum, which maintains the remaining 50%.

Petrobras aims to find Light oil, reproducing the discoveries that took place in the African continent, aligned with the company’s strategy to seek for opportunities in deep and ultra deep waters in the region were we already have operations in countries like Nigeria, Angola, Tanzania, Namibia and Libya.

The block covers an area of approximately 7.4 thousand square kilometers, at a water depth that varies from 200 to 3,000 meters, at an average distance of 60 Km from the coast.

CBH continues to be the operator of the asset; however, Petrobras has the right to take over the operation. The work commitment assumed by the company is to collect and process 2,250 Km2 of 3D seismic data still this year. Once the exploratory potential of the area is confirmed, the consortium will undertake to drill three wells.


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