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The Sierra Leone government has awarded ODYE's subsidiary, ODYE (SL) Ltd., and its partners, Chevron and Noble Energy, a participating interest in two offshore deepwater exploration blocks, SL 8A-10 and SL 8B-10, according to a news release.
ODYE (SL) Ltd. signed a petroleum license with Sierra Leone's minister of finance that was ratified by the Parliament of Sierra Leone in September for the exploration blocks that were provisionally awarded and subject to negotiations by the Petroleum Directorate for its third bid round, with the bidding closing March 30, the release said. The two blocks have been combined into one concession and are located between 120 km (75 miles) and 180 km (112 miles) southwest of the capital of Freetown and cover a combined area of about 5,500 sq km (2,100 sq miles). The new blocks have average water depths ranging approximately 1,500 m (4,900 ft) to 3,000 m (9,800 ft).
Under the award, Chevron (SL) Ltd. will be operator with a 55% interest, along with Noble Energy SL Ltd., 30%; and ODYE (SL) Ltd., 15%, according to the release. This is before a Sierra Leone National Oil Company optional back-in of 15% at final investment decision.