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Fusion Oil and Amerada Significant Project - 5 September, 2002

Fusion Oil & Gas, which is AIM-listed in London and Australia-based company specializing in exploration in offshore West Africa, made an agreement with Amerada Hess (USA) on three prospective exploration licences offshore West Africa.Amerada Hess provides this project with cash resources and successful exploration experience in the Gulf of Guinea.The first step of the project will be devoted to seismic data gathering campaign for the licenses, which are: Gambia PPL, Croix de Sud - shared by Senegal and Guinea Bissau, and Ntem in Cameroonian waters. After evaluation of seismic data Hess will be able to quit the project or to fund the first exploration well as well as the second one on each licence.Under the terms of the agreement, Amerada will be the operator on each licence area. The US company will acquire an 80 per cent stake in both the PPL and Ntem licences and a 68 per cent stake in Croix de Sud.For the Fusion expectations the project will be worth between $22m and $33m net to its remaining 20 per cent interest in the three licences.
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