Harvest Natural Resources Inc., Houston, (NYSE: HNR) has acquired a 50% working interest in the Dussafu Marin exploration production-sharing contract offshore Gabon from Sasol Petroleum West Africa Ltd., Johannesburg, South Africa, for an undisclosed price.
The contract contains 680,000 acres in up to 1,000 feet of water. The co-venturers recently entered the three-year second exploration phase of the contract, effective May 28. The second phase includes the acquisition and processing of 500 kilometers of 2-D seismic, geology and geophysical interpretation and the drilling of a conditional well.
Harvest president and chief executive James A. Edmiston says, "The Dussafu PSC lies within an active proven hydrocarbon basin containing significant production and infrastructure in contiguous blocks and provides Harvest with exposure to multiple medium- to low-risk exploration plays and a pre-existing small oil discovery."
Harvest operates primarily in Venezuela.
Oman-based Petrogas has acquired a 30% interest in a block onshore Egypt from Australia's Oil Search Ltd., Sydney, for an undisclosed price. The deal involves two exploration concessions and four development leases on the western side of the Gulf of Suez in Area A. The effective date is Sept. 1, 2007.
An undisclosed buyer plans to acquire the Kerkouane permit offshore Tunisia from Stratic Energy Corp., Calgary, (Toronto Venture, London Aim: SE) for US$1 million. Stratic holds 100% interest in the permit.
This is in addition to the ongoing sale of the Chorbane permit offshore Tunisia and will complete Stratic's exit from Tunisia.
TransGlobe Energy Corp., Calgary, (Toronto: TGL; Amex: TGA) plans to acquire privately held GHP Exploration (West Gharib) Ltd. for US$40.2 million.
GHP holds a 30% working interest in eight development leases and one pending lease comprising the West Gharib production-sharing concession in Egypt. After closing, TransGlobe will hold a 100% interest in the Hana development lease and a 75% interest in the remaining seven leases.
Proved reserves are 1.7 million barrels of oil equivalent and 3 million barrels proved plus probable. Production is 900 barrels of oil per day.
TransGlobe will fund the acquisition from an expanded credit facility and working capital. The effective date is Sept. 30, 2007.
Zulu Energy Corp., Denver, (OTCBB: ZLUE) plans to acquire Nyati Mauritius Ltd. for a total deal value of approximately US$45 million.
Zulu will pay US$3 million in cash and issue 30 million shares. Zulu also agreed to issue a five-year warrant to purchase 15 million shares of Zulu stock that can be exercised for US$1.50 each. Zulu must raise a minimum of US$5 million in private financing or a portion of the transaction may be rescinded.
Nyati Mauritius subsidiary Nyati Energy Resources Botswana (Proprietary) Ltd. holds exploration licenses in Botswana. Zulu believes potential exists for a significant coalbed-methane project in the lease area.