Burried Hill Gambia BV

NEW, Buried Hill Gambia BV has retained Stellar Energy Advisors Ltd. to seek a farm-in partner for a prospect offshore blocks A1 and A4 in Gambia. The licensed area includes 22 prospects in five independent play types with total mean unrisked oil resource potential is estimated at 4.6 billion barrels. Blocks A1 and A4 cover an area of 2,672 square kilometers in water depths of 1,500-3,000 meters. The blocks offshore in the western part of The Gambia in the Mauritania- Senegal-Gambia-Bissau-Conakry Basin (MSGBC Basin). Eight prospects have reserve potential greater than 200 million barrels. The area includes the Alhamdulilah prospect. Buried Hill is offering to farm out equity in Block A1 or Blocks A1 and A4, in exchange for the funding of the future work program on the blocks, comprising one well within Block A1 and 3D seismic and an electromagnetic survey within Block A4. Buried Hill has 100% equity in both blocks and is the operator. The cost of the well planned for Block A1 is currently estimated at US$52 million. The 3-D seismic and EM costs on Block A4 are estimated at US$17.5 million and US$3.5 million respectively. The data room is open. The bid due date is Sept. 23. Contact Dave Fassom, +44 (0) 20 7493 1977.