Vanco Signs Contract for License in Majunga Basin Offshore Madagascar.Business/Energy Editors NOTE TO MEDIA: Map is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com and at www.newstream.com HOUSTON--(BUSINESS WIRE)--March 19, 2001 Vanco Energy Company signed a contract today for the Majunga Offshore Profond Block in the deepwater Majunga Basin offshore Madagascar. In a signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. today in Antananarivo, Madagascar, L'Office des Mines Nationales et des Industries Strategiques (OMNIS OMNIS Organizational Modelling of Information Systems (systems approach to business modeling to create an information system) ) and Vanco Madagascar Ltd. (operator, 100%, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Vanco Energy Company) signed a production sharing contract covering the Majunga Offshore Profond Block in the little explored region of the Majunga Basin offshore Madagascar's northwestern coast adjoining the Mozambique Channel Mozambique Channel Strait, western Indian Ocean. Located between Madagascar and Mozambique, it is about 950 mi (1,530 km) long, 250–625 mi (400–1,000 km) wide, and has a maximum depth of 10,000 ft (3,000 m). . The block covers 14,865 square kilometers (3.67 million acres) in primary interest water depths of 1,000 meters to 3,000 meters (see attached map). "Our study shows that the Majunga Basin is a salt basin with numerous structures, probably Cretaceous in age," says Vanco President Gene Van Dyke Van Dyke (or van/Van Dijk or Dyk etc) is a surname of Dutch origin. It refers to:
Terms of the agreement call for data processing and studies in the first two-year phase and 2D seismic acquisition in the second two-year phase. Vanco has plans to begin a 1,900-kilometer 2D seismic program in May, establishing a reconnaissance data grid for the block. The company ranks as the leading deepwater acreage holder in West Africa with licenses in Cote d'Ivoire, Equatorial Guinea, Gabon, Morocco, Namibia and Senegal. The Majunga Offshore Profond block is the first license Vanco has been awarded offshore East Africa. This announcement appears at www.businesswire.com and www.vancoenergy.com Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.031901/bb22 |
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