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By Emmanuel Tumanjong
Special to Dow Jones Newswires
Zenith Energy submitted a bid to the government of Benin for an initial nine-year license to explore and exploit block 1 of the largest Seme field, state-run Societe Beninoise des Hydrocarbures (SOBEH) said Thursday.
The block covers a surface of approximately 551 square kilometers with estimated recoverable reserves of 22 million to 28 million barrels of oil and 428 billion cubic feet of natural gas, SOBEH said.
“We are delighted to have submitted this offer for what is an extremely exciting opportunity in Benin, representing the country’s largest and most promising oil field,” Zenith’s Managing Director Andrea Cattaneo was cited as saying after handing the bid.
“Block 1 has significantly untapped and independently assessed oil and gas reserves. These key qualities make it a potentially very rewarding addition to our portfolio and fully meet the key criteria defining our growth strategy,” Mr. Cattaneo added.
The Calgary-based oil-and-gas company, which drilled oil from the same block in 1998, said it would restore and increase Block-1’s productivity through a rigorous and duly diligent process.
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