does this mean smythe is telling porkies,fantastic bit of...

does this mean smythe is telling porkies,fantastic bit of detective work here.......
Interesting



Interoil Signs Agreement for Blocks 5, 6 Offshore Angola
Source: www.gulfoilandgas.com 11/6/2006, Location: Africa
Exploration

Norwegian oil company InterOil Exploration & Production ASA has signed the production sharing agreement for Blocks 5 and 6 in Angola. InterOil said its share of the signing fee for the two blocks amount in total to $24.75 million, and added that the agreements are a step in its process of establishing operations in West-Africa.

The company said it is now a 40% participant in Block 5, where Vaalco Energy Inc. (EGY) is operator with an equal interest. Sonangol P&P, the national oil company of Angola, is also a partner with an interest of 20%.



In Block 6 InterOil is participating with 20%, where Petrobras is operator with an interest of 40% and Sonangol and Initial Oil & Gas and Falcon Oil are partners with a total interest of 40%, it said.


The company said Blocks 5 and 6 are located in the shallow water areas of offshore Angola, and are on trend with major discoveries and production both north and south of the two blocks. Three-dimensional seismic has been acquired in the late 1990s and in 2001 and will form the basis for a new exploration phase, it said.

A three-dimensional seismic survey has already been acquired that covers the most prospective areas and the data quality is such that Interoil expects to firm up the potential and drill during 2007, subject to rig availability, the company said.

The company said the working program for the partners in Blocks 5 and 6 over the next four years include drilling of two exploration wells in each block. InterOil`s share of the working program will cost about $25 million, it said.