Vincent Miclet, CEO of the PetroPlus Overseas Oil Company, has Officially Announced Initial Exploratory Drilling in Gabon and Confirmed its Strategy for Growth

LUANDA, Angola, March 10, 2014 /PRNewswire/ --

Specialising in hydrocarbon exploration and exploitation, PetroPlus Overseas has wasted no time in laying the foundations for its future growth. Today it holds many oil and gas rights in Africa, particularly in Gabon where it has two licences, one of which is very promising and will see its initial exploratory drilling in 2014.

Four Africa permits in progress

Thanks to its excellent knowledge of the field, PetroPlus Overseas has already been able to identify several hydrocarbon basins in which oil and gas reserves offer significant opportunities for growth. In 2011, it notably obtained two production licences of around 85,000 km2 in Mali and signed two EPSA contracts for two oil and gas blocks in Gabon. These contracts, confirmed by presidential decree in 2013, concern an exploration licence for the Hyembe zone as well as an exploration licence for the Espadon/Roussette zone.

Operations in Gabon

Located close to the North-East coast of Port-Gentil, the Hyembe exploration zone - after a survey - offers mineable reserves which are four times larger than the Espadon/Roussette deposit. This offshore oil reserve is currently estimated to stand at 80 million barrels and is spread over 2,000 km2. Holding 100% of the oil and gas rights in this zone, PetroPlus Overseas intends to launch an exploratory drilling campaign in this block in 2014. The Espadon licence agreement covers a total area of 4 km2, located to the west of Port Gentil, with an estimated 24 million barrels. Exploratory drilling is scheduled to be performed in 2015.

"Our objective in Gabon, of course, is to create long-term and responsible value for the country as well as for our company and investors. However, this is just the first phase. We are also reflecting on other projects to implement our growth strategy and we're studying the possibility of obtaining oil and gas blocks in Tanzania, Morocco, Chad, and Congo," explains Vincent Miclet, CEO of PetroPlus Overseas.

PetroPlus Overseas

Founded in 2011 and based in Luanda (Angola), PetroPlus Overseas is a private company specialising in oil and gas exploration and exploitation. Made up of experts and enjoying strong funding capacity, the company invests in projects with strong potential for growth across the world, while aiming to minimise its environmental impact and improving the economic and social conditions of the countries in which it operates.