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BENIN


CAPITAL: Porto-Novo

MONETARY UNIT: CFA Franc

REFINING CAPACITY: None

OIL PRODUCTION: 1,500 b/d

OIL RESERVES: 8.2 billion bbl

GAS RESERVES: 43 bcf

Benin`s entire Gulf of Guinea offshore was under concession at yearend 1997.

Addax Petroleum of Switzerland and Abacan Resource Corp., Calgary, acquired rights to Blocks 1 and 4 offshore. Block 1, which contains producing Seme oil field (1968), is west of Abacan`s exploration on Blocks 309 and 310 off Nigeria. Block 4 is in 600-6,000 ft of water the length of Benin from Nigeria to Togo. It covers 2.5 million acres.

Both blocks are in the lightly explored Benin basin (Dahomey embayment). Abacan`s 1 AJE wildcat on Nigerian Block 309 flowed 5,500 b/d of oil and condensate with associated gas from Turonian. The well is 19 miles offshore in 328 ft of water.

Late in the year, Profco Resources Ltd., Calgary, abandoned the Tarpon Ike 1 well off Benin after testing uneconomic quantities of hydrocarbons from Turonian.

Archean Energy Ltd., Calgary, signed a production sharing contract on 715,000 acre Block 3 and was to acquire seismic. The block extends seaward from shore southwest of Cotonou to the Togo border.

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