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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (11818)	7/21/1998 2:20:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Leopardus Resources Ltd. Enters Into Production Sharing Agreements LEOPARDUS RESOURCES LIMITED - PRODUCTION SHARING AGREEMENTS SIGNED FOR SOFALA AND M-10 VANCOUVER, B.C.-- Leopardus Resources Limited ("Leopardus" or the "Company") has been informed by Zarara Petroleum Resources ("Zarara"), a subsidiary of Zarara Oil and Gas Limited (with whom the Company entered into a Memorandum of Understanding on June 26, 1998 for the proposed combination of Leopardus and Zarara through a plan of arrangement), that Zarara, Sasol Petroleum International (Pty) Ltd ("SPI"), and Arco Mozambique (Temane) Ltd ("ARCO") have signed two Production Sharing Agreements with Empresa Nacional de Hidrocarbonetos de Mocambique ("ENH"), the state oil company of Mozambique, and the Government of Mozambique. The Production Sharing Agreements ("PSA") relate to the offshore Sofala and M-10 blocks where ARCO, SPI and Zarara have interests of 47.62%, 47.62% and 4.76% respectively. In May, 1998 these same parties signed a PSA to explore for natural gas in the onshore Temane block in central Mozambique. Sofala and M-10 are contiguous, 6,060 square mile blocks located offshore central Mozambique. ARCO will be the operator for both blocks. The partners intend to conduct seismic surveys and drill up to five wells on the Sofala block and four on the M-10 block, spending at least $30 million over the seven-year life of the agreements. The commitment also includes financial assistance for the training of Mozambican citizens, the development of related infrastructure and the awarding of contracts to deserving Mozambican companies. Any gas discovered on the Sofala and M-10 blocks may be marketed within Mozambique or to other countries in southern Africa. Leopardus Resources Limited is an international oil and gas exploration and development company. As part of its ongoing activities, Leopardus is currently participating with major industry partners in the exploration and development of natural gas reserves in Mozambique.