press release

Energy Africa Announces Participation in Block L, Equatorial Guinea

THIRD PARTY RELEASE: This is news concerning ChevronTexaco but issued by someone other than ChevronTexaco and archived here for record purposes.

[Energy Africa Limited is a South African-based oil and gas exploration and production group, which is listed on the Johannesburg and Luxembourg Stock Exchanges.]

JOHANNESBURG, Mar. 11, 2003 -- Energy Africa is pleased to announce that a farmout agreement has been signed with Chevron Equatorial Guinea Ltd, an affiliate of ChevronTexaco, to acquire a 20 percent interest in Block L, Equatorial Guinea. Block L is located in the offshore Rio Muni Basin of Equatorial Guinea, immediately north of Blocks F and G, which include the producing Ceiba field and where 7 other discoveries have been made in the past two years.

Currently, Chevron Equatorial Guinea operates Block L with a 65 percent equity. Triton Equatorial Guinea (25 percent) and Sasol (10 percent) are the other partners. The acquisition of the 20 percent interest from the operator is subject to the consent of the Equatorial Guinean Government, which has a 7.5 percent back-in right in the case of a commercial discovery.

The first well in Block L, Ballena-1, is expected to commence drilling in late March or early April 2003.

Rhidwaan Gasant (Energy Africa CEO) said; "Energy Africa is delighted to be participating in another exploration venture in Equatorial Guinea, a country where we have already had considerable success. It is our belief that our technical experience gained from the company's current activities in Equatorial Guinea will add value to the venture."

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Updated: March 2003