Canadian Lynx Petroleum Ltd. announces agreement.VANCOUVER, BC--(BUSINESS WIRE)--Sept. 6, 1995--CANADIAN LYNX(VSE See DOS/VSE. VSE - Virtual Storage Extended : CAX CAX The ISO 4217 currency code for Canadian Cent. ) CANADIAN LYNX The Canadian Lynx (Lynx canadensis) is a North American mammal of the cat family, Felidae. It is a close relative of the Eurasian Lynx (Lynx lynx). Some authorities regard both as conspecific. PETROLEUM LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . announces that it has entered into an agreement to acquire 100 percent of the share capital of Dublin International Petroleum (Tanzania) Ltd. ("Dublin"), a company incorporated in Dublin, Ireland. Dublin holds a Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. with the Government of Tanzania over two onshore coastal blocks in Tanzania known as Mandawa ("Block 1") and Rufiji ("Block 2"). The two blocks cover an area of 3.35 million acres between Dar es Salaam Dar es Salaam Largest city (pop., 1995 est.: 1,747,000), capital, and major port of Tanzania. Founded in 1862 by the sultan of Zanzibar, it came under the German East Africa Co. in 1887. and the country's border with Mozambique. Block 1 covers the Mandawa Jurassic salt basin and Block 2 covers what is expected to be the deeper extension of the same basin limited to the north by the east-west Rufiji River The Rufiji River lies entirely within the African nation of Tanzania. The river is formed by the convergence of the Kilombero and Luwegu rivers. It is approximately 600 km (375 mi) long, with its source in southwestern Tanzania and its mouth on the Indian Ocean at a point between . Good quality 1987 seismic is available in Block 1, but no seismic has ever been conducted within Block 2. Both Block 1 and Block 2 are believed to contain the remnant of a major Jurassic rift basin that existed in Eastern Gondwana before the breakup of the super continent in Early Cretaceous. Although most of the basin was breached by the continental drift of Madagascar when it separated from East Africa, the thick Jurassic salt cover in Block 1 is believed to have sealed off and preserved major amounts of generated oil in the block. Mature oil prone Jurassic source rocks have been determined to exist below the salt in Block 1. Parts of the two blocks were previously held by British Petroleum (1952 to 1964), Agip (1971 to 1982) and Shell Oil (1986 to 1990). The three companies conducted gravity, aeromagnetic and seismic surveys and each drilled one deep hole. The first was inconclusive as it bottomed within the salt, the second tested an intra-rift basement high (usually known to be unprospective) and the third was not successful in penetrating a pre-salt reservoir. Shell spent approximately US$34 million on exploration including the acquisition of 2,000 km of seismic. Dublin intends to conduct a gravity survey in Block 1 this year to delineate large pre-salt gravity and seismic leads 60 km west from the coast. The leads are located in the most favourable areas for the development of a pre-salt thick Jurassic sandstone reservoir. The geological setting in the Mandawa-Rufiji Basin is similar to the Ma'rib Al Jawf Basin in Yemen where major reserves were discovered since 1984. Canadian Occidental Petroleum and Hunt Oil are operating in Ma'rib Al Jawf and are producing in excess of 360,000 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot . ON BEHALF OF THE BOARD "Mamdouh Nagati" President CONTACT: Mamdouh Nagati 604/689-7842 604/689-4250 (Fax) |
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