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RANGER OIL LIMITED ANNOUNCES AWARD OF ACREAGE OFFSHORE NAMIBIA

 RANGER OIL LIMITED ANNOUNCES AWARD OF ACREAGE OFFSHORE NAMIBIA
 CALGARY, Alberta, June 9 /PRNewswire/ -- The following is being issued by F.J. Dyment, president and chief operating officer of Ranger Oil (NYSE: RGO, Toronto, Montreal: RGO):
 Ranger Oil Limited, as operator, has been awarded Licence Area 2213, offshore the Republic of Namibia, in southwest Africa.
 Following is the complete text of the Republic of Namibia, Ministry of Mines and Energy's press statement:
 "The Ministry of Mines and Energy wishes to announce today that
 the Government of the Republic of Namibia has decided to award the
 second exploration licence under Namibia's first petroleum
 licensing round to a Canadian company, Ranger Oil Limited (Ranger).
 (The first licence was awarded to a Norwegian consortium in respect
 of licence area 1911).
 "The licence area to be awarded to Ranger is Area 2213, an area of
 approximately 5170 square kilometres in the northern offshore
 waters of Namibia.
 "The Government announced Namibia's first petroleum licensing round
 in May 1991, just 14 months after independence and within weeks of
 the enactment of modern petroleum legislation. By the close of
 applications, on 1st November 1991, the Ministry announced that
 there had been an extremely encouraging response to the first round
 by the international oil industry and that competition for several
 areas was particularly intense.
 "After fully evaluating each bid, the Government Negotiating Team,
 established by the Namibian Cabinet, commenced negotiations with
 selected consortia in early January 1992. Because of the volume
 of bids the negotiations are expected to continue at an intense
 pace well into the second half of 1992.
 "However, negotiations for the award of Licence Area 2213 were
 concluded and the Namibian Cabinet selected Ranger for the award
 of this area after considering the offers of all those consortia
 with whom the Government Negotiating Team had held negotiations.
 "Ranger won a tightly contested competition between three consortia
 for the area. The key terms agreed with Ranger are favourable for
 Namibia. Ranger have committed to undertake a good work programme
 (involving the drilling of deep test wells during the first four
 years) and to dedicate at least U.S.$800,000 to the training of
 Namibians during the first four years.
 "Ranger is technically and financially strong and has offshore
 operating experience in the proven oil and gas province of the
 North Sea, as well as in other countries world-wide.
 "Ranger is a company registered under the Canada Business
 Corporation Act.
 "The agreement between the Government of Namibia and Ranger is
 expected to be signed in Windhoek during July this year. This and
 subsequent agreements with other oil consortia should result in a
 substantial stimulus to the Namibian economy."
 -0- 6/9/92
 /CONTACT: John G. Faulds, VP, investor relations of Ranger Oil Limted, 403-263-1500/
 (RGO) CO: Ranger Oil Limited ST: Alberta IN: OIL SU:


CH -- LA006 -- 8285 06/09/92 10:22 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
Words:477
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