28.08.2002 Press Release

Vanco Signs Petroleum Agreement for Offshore Ghana, West Africa

28.08.2002 LISTEN
By Vanco Energy Company

HOUSTON, TEXAS - Vanco Energy Company announces that its wholly owned subsidiary, Vanco Ghana Ltd., has signed a Petroleum Agreement with the Government of the Republic of Ghana, represented by the Minister of Energy, and the Ghana National Petroleum Corporation (GNPC) for the Cape Three Points Deepwater Block offshore Ghana, West Africa.

Vanco, as operator, committed to the 2.5-million-acre block in a signing ceremony in the capital city of Accra today. The agreement had been ratified by Ghana's Parliament on July 12, 2002. GNPC has a 15% interest, with Vanco owning the remainder.

The Cape Three Points Deepwater Block that covers the rest of the deepwater Tano and Cape Three Points area ranges in water depths from 100 meters to 3000 meters, with principal interest in the deep water from 1000 meters to 3000 meters.

Located in the Gulf of Guinea's Tano-Cape Three Points Basin, Cape Three Points Deepwater Block is distinguished by a number of anticlinal structures of Cretaceous age, and is near recent oil and gas discoveries made by Dana and GNPC. Vanco begins fulfilling the agreement immediately: American International Exploration Group, Inc. has been contracted to shoot approximately 2,220 kilometers of 2D seismic, and plans to begin by early September.

Vanco's President Gene Van Dyke says, “Our decision to go after Cape Three Points Deep came after having studied offshore Ghana for nearly three years. Discussions with GNPC and the government have allowed Vanco to have a very good working relationship with Ghana. We look forward to contributing to Ghana's success.”

With the Cape Three Points license offshore Ghana, Houston-based Vanco Energy Company now operates offshore seven African countries, and is active in eight. Vanco is gearing up for a major deepwater drilling program offshore Africa in 2003.

Contact: Janice Van Dyke Walden 713-877-8544 [email protected]

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