US Oil Company Acquires 49% Interest in Panoco's Suakin Concession
The US Oil Company (Usoco) has acquired a 49% interest in a 13,000 sq. km.offshore concession in the Suakin area in North Sudan awarded to Panoco SudanLtd. - a subsidiary of the Swiss-based Panoco Oil Co. - early in March.
Under the agreement with the Sudanese Government, Panoco has undertaken toinvest $176mn during the next five years to develop the concession which issituated some 19.5 miles...