Title of Article: Sao Tome's first lease round seen drawing big players.
From the title you can imagine the rest of the article, and as said by the reporter, it will not be surprising to see the major oil players involved.
More interesting (not the share price which is still being tossed around), an article by Business Wire April 27th 1998 retrieved from Pointcast, discussed Schlumberger Geco-Parkla completion of 13,300 km of 2D seismic survey in the ultra-deepwaters offshore Gabon (which is 200 miles across from Sao Tome).
Depth is 2,000-4,000 metres, compare to STP which is 2,000-3,000 feet (or less than 1,000 metres). The size of the area for STP offshore is 180,000 square kilometers. According to the sales manager of Schlumberger Geco-Prakla in the UK (Mark Gibbons), a block (10,000 square kilometers) in the ultra-deepwater offshore Gabon can easily be sold for millions of dollars simply based on the huge success in neighboring area. Major oil players are interested.
What is even more interesting to hear from him, an independent source outside of ERHC, is that the dry dock facility to be built by ERHC and AMCO (ERAMCO) offshore STP will play a major role in the development of the oil and gas field in West Africa.
Be patient with ERHC, please. Note that ERHC also completed 2D seismic in the area, and received permission from STP for sale of concessions. |
