Harken Energy Subsidiary Signs Exploration and Exploitation Contract for the Block 95 Area in Peru
April 11 2005 - 7:00AM
PR Newswire (US)
Harken Energy Subsidiary Signs Exploration and Exploitation
Contract for the Block 95 Area in Peru DALLAS, April 11
/PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC)
85% owned subsidiary, Global Energy Development PLC ("Global"),
announces that the new License Contract between Global and
Perupetro S.A. ("Perupetro"), the national oil company of Peru, for
the Exploration and Exploitation of Hydrocarbons in the Block 95
Area located in the Maranon Basin of Northeastern Peru has been
fully signed and is now effective. Global owns a 100% working
interest in the contract subject only to an initial 5% royalty, the
most favorable terms received in the company's history. The size of
the ongoing royalty is to be determined by future production
levels. The contract duration is approximately seven years for the
initial exploration phases and 23 years for the exploitation phase.
The contract assigns Global exclusive exploration and production
rights to approximately 1,255,000 acres. During Phase 1 of the
contract, the terms require Global to complete within 12 months,
environmental impact studies and plans for the drilling of a well
in the Bretana field located in Block 95. If Global elects to enter
Phase 2 of the contract, the company must acquire approximately
4800 square kilometers of micro-magnetic geophysical data in and
around the Bretana field and elsewhere throughout Block 95. Phase 2
has a time period of 12 months. Should the company elect to enter
Phase 3 it will be required to drill one exploratory well within 24
months. Phase 4 of the exploration period has a duration of 12
months and requires the acquisition of 75 square kilometers of 3
dimensional seismic, while Phases 5 and 6 both have a duration of
12 months and require the drilling of one exploratory well per
phase. Global currently expects to drill its first well under this
Contract in the identified Bretana field in late 2006 or early 2007
and follow this with an exploratory well elsewhere in the Contract
area in late 2008. Harken Energy Corporation is engaged in oil and
gas exploration, development and production operations both
domestically and internationally through its various subsidiaries.
Additional information may be found at the Harken Energy Web site,
http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill
Conboy at CTA Public Relations at (303) 665-4200. Certain
statements in this announcement including statements regarding
future expectations, objectives, intentions and plans for oil and
gas exploration, development and production may be regarded as
"forward-looking statements" within the meaning of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on the opinions and estimates of management at the time the
statements are made. Management's current view and plans, however,
are subject to numerous known and unknown risks, uncertainties and
other factors that may cause the actual results, performance,
timing or achievements of Harken to be materially different from
any results, performance, timing or achievements expressed or
implied by such forward-looking statements. The various
uncertainties, variables, and other risks include those discussed
in detail in the Company's SEC filings, including the Annual Report
on Form 10-K/A dated April 5, 2005. Although Harken believes that
the expectations reflected in the forward-looking statements of
this announcement are reasonable, it can give no assurance that
such expectations will prove to be correct or that unforeseen
developments will not occur. Harken undertakes no duty to update or
revise any forward- looking statements. Actual results may vary
materially. DATASOURCE: Harken Energy Corporation CONTACT: Bevo
Beaven, Vice President, , or Bill Conboy, Senior Account Executive,
, both of CTA Public Relations, +1-303-665-4200, for Harken Energy
Corporation Web site: http://www.harkenenergy.com/
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