Three winning bids for the Gulf of Mexico

August 19, 2005, 01:20 CEST

Hydro submitted three bids as operator in the Central Gulf of Mexico Lease Sale 196 and won all of them. This was announced by the U.S. Minerals Management Service (MMS) in New Orleans on August 17.

Two of the winning bids had competition from a large US actor, the other bid was unopposed. All of the 100 percent bids were on blocks in the Keathley Canyon protraction area and compliment acreage already held by Hydro in that area.

The award of the leases is subject to final review and approval by the MMS, which typically takes place between 60 and 90 days after the date of a sale.

There are no work programs associated with the awarded blocks. The forward plan is to evaluate the new acreage with Hydro's licensed PSDM (prestack depth migration seismic) over the area in the hope of maturing these leases and those adjoining them into a drillable Hydro prospect.