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CORRECTION: Minexco Petroleum Announces Operatorship of Petroleum License for Block SL 7A-10 Offshore Sierra Leone

GIBRALTAR, GIBRALTAR -- (Marketwire) -- 10/15/12 --

This document corrects and replaces the release sent earlier today at 5:07 AM EDT, as the contact listed in the contact information section was incorrect.


--  Minexco executed a Petroleum License for Operatorship of Block 7A-10
    offshore deepwater Sierra Leone 

--  Block SL 7A-10 was one of the most sought after blocks in the Sierra
    Leone licensing round and is located adjacent to the Anadarko discovery
    block. 

Minexco S.L Limited is pleased to announce it has executed a Petroleum License along with Signet Petroleum, with the Petroleum Directorate of Sierra Leone for Block SL7A-10 on 12th September 2012. The Petroleum License was ratified by the Sierra Leone Parliament in Freetown on 21st September 2012.

Minexco was appointed as Operator of the Block with a 90% participation interest and Signet Petroleum holds a 10% interest.

Block SL 7A-10 covers three thousand four hundred and ninety square kilometres (3,490 Sq. Km), it is located in water depths of up to three thousand meters (3,000m) and was one of the most sought after blocks in the recent Sierra Leone Licensing round.

The exploration programme will target deep water turbidite channel plays which are considered to have similar high impact potential in such recent discoveries as Mercury, Jupiter and Venus, made by Anadarko in the adjacent Block 7B-11.

Minexco and Signet will license all available 2D and 3D seismic data and acquire additional 2D and 3D data as part of the work programme as well as contribute to social programmes, local training and will make efforts to provide employment to local Sierra Leone nationals wherever possible.

Minexco S.L Limited is a wholly owned subsidiary of Minexco Petroleum, a part of the Minexco Group of companies based in Gibraltar. Minexco is a private oil and gas exploration and production company, currently building a substantial portfolio of upstream oil and gas ventures across West Africa and the northern part of South America.

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