Madagascar: Sapetro to buy Mozambique Channel stake

By OGJ editors

South Atlantic Petroleum Ltd., Lagos, has reached agreement with Marex MC Inc., Houston, to purchase a 90% participating interest in the Belo Profond production sharing contract in the Mozambique Channel deepwater off Madagascar.

Upon Madagascar government approval and completion, Sapetro will become block operator. Marex retains 10% interest.

The Belo Profond block, covering 13,770 sq km in 1,800-3,000 m of water, contains a large part of a deepwater exploration province adjacent to Eni SPA and Anadarko Petroleum Corp.’s discoveries off Mozambique (see map, OGJ, Feb. 2, 2009, p. 40).

Modern seismic data indicate that Belo Profond has substantial thicknesses of favorably structured Tertiary and Mesozoic sedimentary packages throughout the acreage, and remote sensing studies have indicated areas of hydrocarbon seepage. Sapetro intends to aggressively explore Belo Profond with new broadband seismic and geochemical acquisition programs beginning later this year.

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