Houston, November 3, 2011 (SPS) - The Saharawi Arab Democratic Republic (SADR) is very pleased to announce it has executed an Assurance Agreement for a Production Sharing Contract for the Imlili Block in the Western Sahara with Wessex Exploration PLC and Tower Resources Limited, confirmed a statement of SADR Oil and Gas Exploration, received by SPS Tuesday.
Wessex Exploration PLC is an AIM-listed (London Stock Exchange) company associated with the recently announced very large Zaedyus oil discovery made by Tullow Oil in French Guiana, and Tower Resources Limited is also an AIM-listed company active in Uganda and Namibia.
The SADR is the democratically elected government of the territory known as the Western Sahara, and has been working with the United Nations to seek recognition of its full sovereignty over the territory known as Western Sahara.
The Saharawi Republic(SADR) launched licensing rounds in 2005 and 2008 to allow international companies to participate with the SADR authorities in the exploration of its territory. The licensing rounds have been initiated in preparation for the full recovery of all of the SADR's territory and the completion of the UN decolonisation process.
The licensing rounds have been very successful and resulted in the execution of several contracts with a number of oil companies including Premier Oil, Ophir Energy, Europa oil and gas and EnCore oil plc.
The Imlili Block is about 16,900 square kilometers in size and lies in the offshore between the large onshore block called the Bojador Block, and the Guelta Block further offshore. The Imlili Block is underlain by a thick stratigraphic section of Mesozoic and Tertiary clastic rocks in excess of 5 kilometers thick. These rocks are largely of a deltaic facies and overlies a small salt basin with interesting structural features. (SPS)
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