Printer Friendly

BRILUND CONCLUDES AGREEMENT WITH OCCIDENTAL PETROLEUM FOR EXPLORATION RIGHTS TO ONSHORE CONCESSION AREA IN NAMIBIA

 ATLANTA, Jan. 19 /PRNewswire/ -- Brilund Limited (NASDAQ: BRILF) today announced an agreement, subject to government approval, has been completed between a subsidiary of Occidental Petroleum Corporation (OXY) and Etosha Petroleum, a wholly owned subsidiary of Brilund, regarding Etosha's oil and gas concession in onshore Namibia.
 Dr. William E. Schatten, Brilund's president and chief executive officer, said that OXY personnel are scheduled to arrive in Namibia next month to begin the initial phase of their program. Initially, OXY will perform certain on site work and thereafter has until May 1, 1993 to exercise an option to acquire an assignment from Brilund to explore the 35 million acre concession area.
 Upon exercise of the option, OXY would acquire 100 percent of the working interest in the Concession Area for cash payments to Etosha of $286,000 and be required to drill one exploration well by June 30, 1993. Etosha will receive additional cash payments of up to $300,000 if OXY continues in the Concession Area after the drilling of the well.
 OXY will be granted rights to all oil and gas discoveries made in the Concession Area. Upon the commercial discovery and production by OXY in the Concession Area, Etosha will receive a 4 percent overriding royalty payment and cash payments of up to $2 million.
 -0- 1/19/93
 /CONTACT: William E. Schatten, M.D., president of Brilund Limited, 404-351-5315/
 (BRILF)


CO: Brilund Limited ST: Georgia IN: OIL SU:

TS -- NY018 -- 6172 01/19/93 09:27 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 19, 1993
Words:248
Previous Article:NEW TYPE POLYPROPYLENE USED IN ARTIFICIAL GRASS BY ASTROTURF MAKER
Next Article:AMERICAN HOME PRODUCTS CORPORATION REPORTS RECORD SALES AND EARNINGS FOR 1992,
Topics:


Related Articles
Occidental of Pakistan.
Oil exploration agreements.
OCCIDENTAL CONFIRMS GAS DISCOVERY IN PAKISTAN
OCCIDENTAL ACQUIRES EXPLORATION ACREAGE OFFSHORE GABON
UNION TEXAS PETROLEUM ANNOUNCES NEW EXPLORATION LICENSE GRANTED BY PAKISTAN GOVERNMENT
OMAN - Exploration Background.
Dana Petroleum Completes Drilling At Taj-1 Well, Morocco.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters