Nuevo Energy Company announced the relinquishment of the 1.9 million-acre Accra-Keta Permit offshore. The Permit was relinquished prior to the commencement of the second phase of the work program. Nuevo was the operator of this Permit and held a 50% working interest.
``During the past year, Nuevo attracted high quality companies as partners in the Accra-Keta Permit, thereby limiting our capital exposure while allowing Nuevo to target specific exploratory opportunities within the Permit,'' commented Phillip Gobe, Interim President and CEO of Nuevo.
``Final evaluation of the technical data from the NAK #1 well, completed in the first quarter 2001, leads us to the conclusion that further drilling within this Permit is not compatible with our exploration parameters. Nuevo is relinquishing this acreage prior to additional capital commitments required in the second phase of the work program. Overall, Nuevo remains committed to exploration in select African basins that are situated within or adjacent to proven hydrocarbon trends.''
Nuevo Energy Company is a Houston, Texas-based Company primarily engaged in the exploration for, and the acquisition, exploitation, development and production of crude oil and natural gas. Nuevo's principal domestic properties are located onshore and offshore California. Nuevo is the largest independent producer of oil and gas in California. The Company's international properties are located offshore the Republic of Congo in West Africa and offshore and onshore the Republic of Tunisia in North Africa.
