Seismic contract signed in Libya

July 3, 2006, 14:00 CEST

On 2 July Geofizyka Krakow and Hydro signed a contract for 1000 kilometers of 2-D seismic acqusition in Area 146, Hydro's first operating license in Libya.

Hydro signed the contract for Area 146 with the National Oil Cooperation(NOC) of Libya in December last year.

This acqusition is part of Hydro's committed work program for the license, which also includes the drilling of two wells.

Hydro has a 100 percent paying interest for exploration activities during the first exploration period.

Mobilization for the operations is scheduled to take place on 8 November this year.

Area 146 is located in the Murzuk Basin approximately 900 kilometers south of Tripoli, not far from the Chad border with Libya. The area is also located close to License 186, which has seen significant exploration success in recent years.

Hydro is a partner in this license together with Total and OMV, while the Operator is Repsol.