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Tesfay S.
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HOUSTON, Sept. 26 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) today announced the signing of a Production Sharing Agreement
with
the State of Eritrea's Ministry of Energy and Mines for an additional 2.3
million acres in Eritrea's Red Sea. Known as the Edd Block, the acreage is
located immediately south of the Company's existing Zula Block, a 6.7
million-
acre area signed in 1995. Anadarko Eritrea Company, a wholly-owned
subsidiary
of Anadarko, now has exploration rights to 9.0 million acres offshore
Eritrea.
In early 1997, Anadarko completed a 5,000 kilometer seismic
program over
the Zula Block. Analysis of the new seismic data, combined with review of
15,000 kilometers of existing seismic data, showed additional exploration
potential on the Edd Block. Anadarko plans to invest $23 million for
exploration on the Edd Block over the next five and one-half years.
The Company's exploratory drilling campaign in Eritrea should
begin in the
first quarter of 1998. Anadarko recently signed a letter of intent for a
jack-
up drilling rig and is planning to drill two exploratory wells on the Zula
Block and one on the Edd Block. All of the wells should be drilled in 1998.
Anadarko holds a 100-percent interest in the venture but may take a partner
prior to drilling.
Anadarko was the first energy company to sign an exploration
agreement
with Eritrea following the country's independence from Ethiopia in May 1993.
Anadarko opened an office in Eritrea's capital city, Asmara, in early 1996.
CO: Anadarko Petroleum Corporation
ST: Texas
IN: OIL
SU: