timing for announcement of flow rate, page-12

I was under the impression that The Joint Venture had a extremely favourable contract with the Mauritania Goverment.


Since the first discovery of oil by Woodside on their Chinguetti offshore prospect in 2001, there has been considerable interest in hydrocarbon exploration in Mauritania in particular in the Coastal Basin. The discovery of oil has also highlighted the enormous petroleum potential of the virtually unexplored onshore Mauritanian basins, renewing interest in the Taoudeni Basin.

It is anticipated that Mauritanian hydrocarbon sector will become a major player in the country's economy. The Mauritanian Government objective is to ensure the oil and gas sector will play a major and important role in the economy and they will continue to implement new initiatives and refine the legal and fiscal regime to accelerate the growth of the Mauritania’s hydrocarbon industry. To aid this, the Government proposes an attractive model contract to the oil companies, which includes favourable provisions.

A number of international oil companies, including majors such as Woodside, Dana, Brimax, IPG and Hardman Resources have signed contracts and have been carrying out exploration work in Mauritania.

The Government is ready to consider any proposal from oil companies and to facilitate successful discussions and negotiations in an open-minded way.