bg group completes purchase of offshore maurit

BG Group Completes Purchase of Offshore Mauritania Interests

Posted Wednesday, March 31, 2004


BG Group announced that it has completed the purchase of Mauritania Holdings BV from Hardman Resources Limited for an aggregate cash consideration of US$132 million, plus up to a further US$5.1 million, which is contingent on the attainment of certain exploration and production milestones.

The announcement that BG Group had agreed the purchase was made on 19 February 2004.

Through this acquisition BG Group has obtained a 13.084 percent interest in the PSC covering area A and an 11.630 percent interest in the PSC covering area B offshore Mauritania, West Africa.

Production Sharing Contracts (PSCs) A and B cover blocks 3, 4 and 5 offshore Mauritania. Recent wells in PSCs A and B have made three hydrocarbon discoveries - the Chinguetti Field, the Tiof Field and the Banda Field.

The other existing participants are Woodside Petroleum Limited, Hardman Resources Limited, Fusion Oil and Gas plc, and Roc Oil Company.