Platts: UK's Fusion says data acquired merits more Saharan
investment.

Platts Commodity News (London)
10 November 2003

Anglo Australian explorer Fusion Oil & Gas said Monday it had
presented geophysical data to the SADR, the Western Sahara's
government-in-exile, which it said merits further investment.
"Fusion has concluded from this work that there is sufficient
indication of a viable petroleum system offshore that would merit
future investment in exploration," Fusion's exploration director,
Jonathan Taylor said. In May 2002, the SADR awarded an exclusive
technical cooperation agreement to Fusion. The award covered the
same territory that Morocco awarded in reconnaissance contracts to
France's Total and US' Kerr-McGee in late 2001. Data presented to
the SADR comprised of a technical report and a digital GIS database
which brought together all previous geological and geophysical data
acquired in the offshore regions of the territory and information
regarding the potential of the offshore.

Taylor said Fusion, along with the UK's Premier, is studying
potential exploration license divisions of the offshore territory
for consideration and approval by the SADR government, prior to the
submission of intended license applications. Taylor said any
applications for licenses will be converted into full exploration
licenses dependant on the outcome of the UN mission which will
determine the future status of Western Sahara. The region's future
legal status is currently being assessed by a UN mission. The
territory has been occupied by Morocco since 1976 but sovereignty is
claimed by both the SADR and Morocco.

Copyright 2003. Platts. All Rights Reserved.
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Source: http://www.platts.com (Subsription)

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