Chile Ministry of Mining

Magallanes Hydrocarbons Bidding Round Extends Period for Obtaining Term Sheets

    Santiago, Chile (ots/PRNewswire) - In view of the great interest generated internationally in the tender for hydrocarbons exploration and production (E&P) in Chile's Magallanes Region, the government has decided to grant an extension of the period for obtaining the term sheets. This will now close on Thursday, August 9, instead of Tuesday, July 10, as originally stipulated.

    Parties interested in participating in the bidding round must obtain the term sheets, either personally or through a representative, from the offices of the Ministry of Mining in Santiago (Teatinos 120, 9th floor).

    In line with this modification of the tender calendar, the period for obtaining the corresponding technical information - comprising the geological characteristics of each of the ten blocks included in the tender - has also been extended. This will still open, as originally envisaged, on Wednesday, July 11, but will now close on Thursday, August 9 (instead of Monday, July 30).

    The ten blocks put out to tender cover a total area of 32,356 km(2). In three of the blocks (Coiron, Caupolican and Lenga), the winning company or consortium will be partnered in the project by ENAP, the state oil company. In the remaining seven blocks (Tranquilo, Russfin, Porvenir, Brotula, Isla Magdalena, Bahia Inutil and Otway), the private company or companies will hold 100% of the block's exploration and exploitation rights. In all ten cases, the winning bidder will act as the block's operator.

    The companies to which the blocks are awarded will sign a Special Operating Contract (CEOP) with the State of Chile. These contracts have a maximum duration of 35 years, divided into an Exploration Phase and a Production Phase.

    For further information, please visit the Ministry of Mining's website www.minmineria.cl.

ots Originaltext: Chile Ministry of Mining
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: Julio Nahuellhual Muñoz, Director de
Comunicaciones y Asuntos Públicos, Ministerio de Mineria,
+56-4733054, +564733057, +5693198496, jnahuellhual@minmineria.cl



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