PRESS RELEASE

The Ghana National Petroleum Corporation ("GNPC") has engaged Morgan Stanley & Co. Limited ("Morgan Stanley") as its financial adviser with regards to certain oil and gas assets offshore Ghana.

GNPC is a state-owned corporation responsible for petroleum exploration, development, production and marketing in Ghana.  The Corporation has a 10% initial participating interest in the West Cape Three Points and Deepwater Tano concession areas.  The Corporation has also taken up an additional participating interest to the extent of 3.75% in the Jubilee field which straddles the two concession areas.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking and other services. 

Morgan Stanley is acting as financial adviser to GNPC and no one else in connection with the aforementioned matters and will not be responsible to anyone other than GNPC for providing the protections afforded to the clients of Morgan Stanley nor for providing advice in relation to the aforementioned matters, the contents of this announcement or any other matter referred to herein.

contact

thomas manu

director, exploration & production

ghana national petroleum corporation

petroleum house

private mail bag

tema

tel:     +233 022 202843

fax:     +233 022 202854