conrad maher to hand pick best leases, page-49

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Looks like Soco still hold 17%.


The Company was notified In August 2007 that the Executive Decree outlining SOCO Cabinda Limited’s (SOCO Cabinda) 17% participating interest in the Production Sharing Agreement (PSA) for the Onshore Cabinda North Block (Block A) became effective in July. SOCO holds 80% of the interest in SOCO Cabinda. SONANGOL, the Angolan state owned oil company, holds a 51% interest in the PSA and is operator, with Teikoku Oil Co. Limited (17%) and Angola E&P Company (15%) holding the remaining interests.

An airborne gravity and magnetic survey was conducted over the Block in June and processing completed in August. Interpretation of the survey has begun. A contract for the acquisition of a 1,200 kilometre 2D seismic survey, based on the results of the gravity and magnetic survey, has been awarded to Grant Geophysical and acquisition is expected to begin in September 2007.

Cheers