(De Ware Tijd) PARAMARIBO – Staatsolie celebrated its 31st birthday yesterday by signing three production sharing contracts with oil multinationals Kosmos Energy and Murphy Oil for Blocks 42/45 and 48 respectively. The contracts have 30 year validity. It is remarkable that the companies have opted for production sharing contracts while 2 and 3D seismic surveys are pending. Seismic survey cost close to US$35 million, but Staatsolie managing director Marc Waaldijk says these costs can increase considering the US$120 million for drilling an exploration well. The costs are high since this is deep sea exploration at depths of close to 3,000 meters. One other remarkable fact is that Kosmos Energy is the same company that has struck oil and gas off Ghana with its advanced technology. The same geological structure has been determined on this side of the Atlantic and other companies have recently struck oil off French Guiana. These developments favor interest for oil exploration off the Suriname coast.

Blocks 42,45,48 are 3 large blocks that Kosmos and Murphy just aquired from Staatsolie and are located just south of and abutting Tullow's block 47. I don't quite understand the wording of the NR but I believe it means they just paid 150 mil for the exploration rights and if so now they start spending money to get them drill ready, if so it gives you an idea of the value of CGX's 4 offshore PPL's 3 of which are 100% and 1 which is 25% owned by CGX. This link shows the Suriname blocks. http://www.staatsolie.com/pio/maps-a-data/offshore-acreage