LL&E Signs Contract for Venezuelan Exploratory Block.NEW ORLEANS--(BUSINESS WIRE)--July 11, 1996--The Louisiana Land and Exploration Company (NYSE NYSE See: New York Stock Exchange :LLX LLX Lifelong Learning Excellence, Inc (Eugene, Oregon) LLX Louisiana Land and Exploration Company ) ("LL&E") announced that in ceremonies conducted yesterday in Caracas, Venezuela the Company and its two partners have signed an agreement with Corporacion Venezolana Del Petroleo, S.A. ("CVP CVP central venous pressure. CVP abbr. central venous pressure CVP central venous pressure. CVP Central venous pressure, see there "), an affiliate of the state-owned oil company Petroleos de Venezuela S.A. ("PDVSA PDVSA Petroleos De Venezuela, SA "), granting them the right to explore for oil on the Delta Centro Block in eastern Venezuela. Under the agreement, which was recently approved by the Venezuelan Congress, LL&E is the operator of the project and owns a 35 percent working interest. Norcen Energy Resources Limited of Canada also owns a 35 percent working interest and Benton Oil and Gas Company of California owns 30 percent. LL&E and its partners were successful bidders on the block in an exploration bid round conducted by PDVSA in early 1996, the first such auction to be held in the country since Venezuela was re-opened to foreign investment in 1993. The Delta Centro block consists of 526 thousand acres in a mostly-marshy region of the Orinoco River Orinoco River Major river, South America. It rises on the western slopes of the Parima Mountains along the border between Venezuela and Brazil. It flows in a giant arc through Venezuela for about 1,700 mi (2,740 km) and enters the Atlantic Ocean near the island of Trinidad. Delta in the northeastern Venezuelan state of Delta Amacuro Estado Delta Amacuro is one of the 23 states (estados) into which Venezuela is divided. The state capital city is Tucupita. Delta Amacuro State covers a total surface area of 40,200 km² and, in 2007, had an estimated population of 152,700. . The work commitment for the block calls for the group to acquire and process 1,300 kilometers of seismic data and drill three wells over a five-year primary term, with the option to extend the exploration period for an additional four years. The partners will begin the first phase of seismic data gathering in the southwestern sector of the block. Environmental permitting is currently underway and seismic acquisition should begin in the fourth quarter of this year. Initial exploratory drilling is expected to commence in the second half of 1997. CONTACT: Louisiana Land and Exploration Co., New Orleans Media: Randy Pick, 504/566-6345 or Analysts: Al Petrie, 504/566-6478 |
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