afrol News, 14 December - Harvest Natural Resources has executed a sale and purchase agreement to acquire a 50% operated interest in the Dussafu Marin Exloration Production Sharing Contract (PSC) located offshore Gabon from Sasol Petroleum West Africa Limited.

Headquartered in Texas, the U.S., Harvest is an independent energy company with principal operations in Venezuela.

The acquisiton needs to be approved by the Gabonese government and the co-venturers in the PSC, which contains 680,000 acres located at water depths ranging from 0 to 1,000 feet.

The President and Chief Executive Officer of Harvest, James A. Edmiston, said, "The Dussafu PSC lies within an active proven hydrocarbon basin containing significant production and infrastructure in contiguous blocks and provides Harvest with exposure to multiple medium to low risk exploration plays and a pre-existing small oil discovery.

"Entry into Gabon with an operated position in the Dussafu PSC is consistent with our plans to organically grow a more diverse asset portfolio while maintaining focus on highly-proven hydrocarbon provinces."

The PSC co-venturers had earlier agreed to enter into a three-year second exploration phase of the PSC on 28 May 2007. The phase work commitment includes the acquisition and processing of 500 km of 2D seismic, geology and geophysical interpretation, engineering studies and the drilling of a conditional well.

By staff writer

© afrol News

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