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Oil of DRCongo reveals 3bn barrels of oil underneath Democratic Republic of the Congo

07th August 2014

Oil of DRCongo, the Fleurette Group's oil exploration subsidiary, has announced that’s its recently processed 3D seismic surveys acquired in 2013-14 over its prospects in Blocks I and II in Lake Albert in the Democratic Republic of Congo indicates around three billion barrels of oil in place

Oil of DRCongo reveals 3bn barrels of oil underneath Democratic Republic of the Congo
The analysis indicates around three billion barrels of oil in place (STOOIP).

Oil of DRCongo has now completed the interpretation of the seismic data.

The analysis was undertaken by the UK's GeoTrace and Italy's Ecopetrol in conjunction with Sproule International.

The seismic campaign has covered approximately 700 kilometres offshore and 150 kilometres onshore. Oil of DRCongo has invested in excess of USD 75m in the exploration works of its two blocks so far including above USD 20m on the seismic investigations. The seismic data acquisition itself was carried out by Tesla (UK).

The analysis indicates around three billion barrels of oil in place (STOOIP).

As anticipated from early stage seismic results, the oil in place on the DRC side of Lake Albert mirrors that of the Ugandan side. Therefore, the results show a potential significant resource which has the ability to fundamentally rescale the GDP of the DRC if it can be safely and economically extracted and exported.

As Oil of DRCongo has previously indicated, a production from Lake Albert of around 50,000boe/day will increase the present GDP of the DRC by 25 per cent.

Oil of DRCongo's next priority is the establishment of two exploratory wells plus a 3D seismic campaign acquisition focused on the most complex structures identified.

Oil of DRCongo is presently carrying out a feasibility study aimed at evaluating the entire drilling exercise with particular reference to the two wells to be made on the identified prospects.

"These are very positive results from our extensive seismic campaign,” said Giuseppe Ciccarelli, CEO of Oil of DRCongo. “We continue to believe the project has the potential to provide significant revenues and multiple other benefits to the people of the DRC, generating jobs, fuelling development and prosperity and contributing to social progress. We remain committed to making the investment necessary to progress the project, which has the potential to transform the DRC."

Oil of DRCongo employed 250 people based in Kasenyi, out of which 204 were Democratic Republic of the Congo (DRC) locals, for the seismic works.

The preparation phase of the drilling includes relocation of some local communities, transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment.

The tender documents for the drilling works expect to be launched by the end of October 2014.

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