Vanco Energy Company's wholly owned subsidiary, Vanco Cote d'Ivoire Ltd., has completed the Vanco Group for Block CI-112, which includes the participation of Indian national oil companies ONGC Videsh Ltd. and Oil India Limited and Chinese national oil company Sinopec Overseas Oil & Gas Limited. The ownership interests of the participating companies in the Block are as follows:
Vanco Cote d'Ivoire Ltd. (Operator): 27%
ONGC Videsh Ltd.: 21.15%
Oil India Limited: 10.35%
Sinopec Overseas Oil & Gas Limited: 27%
Petroci Holding: 14.5%
CI-112 represents the first African deepwater exploration venture for these highly successful state-owned Asian oil companies.
Vanco further announces that the Block CI-112 joint venture group has contracted the Transocean Deepwater Discovery drillship for a one-well slot in early 2005. The group plans to drill the San Pedro Prospect, a large faulted anticline with Albian reservoir potential, which is located 25 miles offshore in 1,750 meters water depth approximately 200 miles southwest of Abidjan. The exploratory well will commence upon arrival of the drilling unit in late February. The Vanco Group is exploring Block CI-112 which encompasses one million acres under a Production Sharing Contract signed in April 1999.
