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Emperor Oil Ltd. has entered into a memorandum of understanding with State Petroleum Overseas Inc. to acquire 85% of their 50% working interest in a late-stage oil development project located in Block 7 in Sudan to develop the three discovered oil fields. Sudapet has the remaining 50% interest in the project and is the company's joint partner.
Block 7 is a concession on which a previous operator incurred several tens of millions of dollars in expenditures; including 6,071 km of 2-D seismic, 430 sq km of 3-D seismic and three discovered oil fields.
Emperor plans to bring Block 7 to production by the first quarter 2013. In addition to the existing discoveries, the extensive 3-D and 2-D seismic coverage has identified a number of additional development and exploration targets. The company plans to initially ship the oil by truck while completing a 60 km pipeline tie-in to an existing central processing facility located on the concession, which is connected to the export pipeline to Port Sudan.