Sunbird Energy Buys Stake in South Africa Gas Project

Southern Africa focused Sunbird Energy has executed an agreement to acquire a 76% interest in the  870 Bcf Ibhubesi gas project offshore west coast South Africa for an initial purchase price of $1.5 million.

The acquisition, when completed, will provide Sunbird with a 76% interest in Production Right Block 2A within the Orange Basin and contains the Ibhubesi gas discovery. Ibhubesi gas field is now the largest undeveloped gas discovery in South Africa.

Existing joint venture partner PetroSA, the national oil company of South Africa, will retain its 24% interest in the block.

An independent assessment of the field in 2009 by international reserves auditors estimated that the Ibhubesi gas field had 2C resource of 869 Billion cubic feet equivalent with 3C at 1,366 of Billion cubic feet equivalent.