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Genel Energy and partner buy stakes in two Angola oil blocks

Reuters - UK Focus

LONDON, April 3 (Reuters) - A joint venture of oil and gas company Genel Energy (Other OTC: GEGYF - news) and White Rose Energy Ventures has agreed to buy 15 percent stakes in two exploratory blocks offshore Angola for $281 million.

The venture will acquire a 15 percent stake in Block 38 in the Kwanza Basin from China Sonangol for $59 million, of which Genel will pay a net sum of $30 million, and a 15 percent interest in the adjacent Block 39 from Norway's Statoil (Berlin: DNQ.BE - news) for $222 million, Genel said on Thursday.

"This transaction provides a rare opportunity to enter into a low risk, multi-billion barrel resource play," Genel Chief Executive Tony Hayward, former head of oil major BP (LSE: BP.L - news) , said in a statement.

Drilling on Block 39 is expected to commence in the second quarter, followed by exploration on Block 38, Genel said. Statoil (Xetra: DNQ.DE - news) is the operator of both blocks.

Genel plans to pay for the transactions, which are subject to government and partner approvals, through existing cash balances, it said. (Reporting by Karolin Schaps; editing by Jane Baird)