BG Sells Mauritanian Property - Africa’s premier report on the oil, gas and energy landscape.

BG Sells Mauritanian Property

BG Group has completed the sale of Mauritania Holdings BV to Kuwait Foreign Exploration Company (KUFPEC) for a total consideration of $128 million. The agreement marks the disposal of all BG Group’s current interests in Mauritania. The company has increased its worldwide exploration acreage significantly in the last 18 months and believes that its Mauritanian assets no longer fit strategically within its exploration portfolio. BG Group purchased Mauritania Holdings BV from Hardman Resources Limited in 2004 for an aggregate cash consideration of $132 million. Mauritania Holdings BV operated as a wholly-owned subsidiary ofBG Group managing its interests in Production Sharing Contracts (PSCs) A and B covering blocks 3,4 and 5 offshore Mauritania, West Africa. These interests were – 13.084% equity in PSCA, 11.630% equity in PSC B and 10.234% equity in the Chinguetti Exclusive Exploitation Authorisation (EEA). PSC A covers Block 3 and shallow waterBlocks 4 and 5. A gas field (Banda) has been discovered in PSC A. PSC B covers deep water Blocks 4 and 5. Five oil discoveries have been made in PSC B (Chinguetti, Tiof, Tevet, Tevet Deep and Labeidna). The Chinguetti field commenced production in February 2006. Development studies on the Tiof field are ongoing.

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