Brenham Oil & Gas signs PSC for offshore Equatorial Guinea block
HOUSTON -- Brenham Oil & Gas has executed a production sharing contract with the government of Equatorial Guinea in West Africa. Pursuant to the terms of the Agreement, Brenham received a 15% participating interest in newly-created Block Y, which consolidates four offshore exploration blocks into a single, half-million acre license. Xuan Energy is the operator of Block Y.
Rog Hardy, Brenham's Vice President of Exploration, stated, "Block Y is between and along a geologic trend with Hess Corporation's large Okume and Ceiba oil and gas field complex (which peaked at more than 80,000 bopd) and an undeveloped oil discovery in Block P to the north, with, among other companies, VAALCO Energy. The block awarded to Brenham is large, with plenty of room to run, and is in benign operating conditions and moderate water depths. We are very excited about the exploration potential of Block Y."