On May 5, 2010, the Democratic Republic of the Congo, Caprikat Ltd and Foxwhelp Ltd — subsidiaries of the Fleurette Group — signed a Production Sharing Contract (“PSC”) relevant to oil exploration and production in Blocks I and II of the Albertine Graben.
The PSC was approved by Presidential Decree on June 18, 2010 and establishes the rights to an area covering approximately 8,000 square kilometres, including onshore and offshore acreage, in the DRC.
Albertine Graben is one of the African Great Lakes and is located on the border between the DRC and Uganda.
Oil reserves amount to an estimated 1.3 billion barrels have been discovered on the Uganda side of Albertine Graben that amount to an estimated 1.4 billion barrels. Research and exploratory findings suggest that a comparable amount of untapped oil resides within Blocks I & II.
Our subsidiary Oil of DRCongo is responsible for the operational, technical, social, and environmental activities required to explore and evaluate the hydrocarbon potential of the Blocks, which it has been carrying out since 2010.