Total Buys Stakes In Three Ultra-Deepwater Licenses

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Description

Acquired interests in 3 new ultra-deep licenses covering 1,235 square miles offshore Côte d’Ivoire.

Total SA, Paris, (NYSE: TOT) has acquired interests in three new ultra-deep offshore licenses in Côte d’Ivoire, after it signed production sharing agreements with the country's government and Petroci (Côte d’Ivoire's).

Owners of License CI-514 are: Total, operator, 54%; Canadian Natural Resources International, 36%; and Petroci, 10%. Total will also hold a 45% interest in the CI-515 and CI-516 licenses, alongside Anadarko, 45%; and Petroci, 10%.

For each block, Total will become the operator upon the first commercial discovery.

The licenses are situated approximately 62 miles (100 kilometers) offshore Côte d’Ivoire andC with water depths ranging from 6,560 feet to 9,840 feet (2,000 meters to 3,000 meters).

The work program includes a 3-D seismic survey of the whole acreage and one well to be drilled on each block during the initial three-year exploration period.