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**** DOW JONES NEWS JDZ ****

8 Apr 2005 12:58 GMT DJ ExxonMobil Turns Down More Sao Tomean Acreage - Source




LONDON (Dow Jones)--ExxonMobil Corp. (XOM) won't be exercising its preferential rights in the Sao Tomean-Nigerian Joint Development Zone, a person close to the negotiating process told Dow Jones Newswires Friday.

ExxonMobil held rights on any two blocks from those on offer in the current JDZ current licensing round, but has chosen not to exercise these, the person said. ExxonMobil had a deadline of April 9 to decide whether to take up its rights or not.

The decision by ExxonMobil should allow the Joint Development Authority to move forward in concluding the drawn-out licensing process for the JDZ, which has been ongoing since April 2003. The licensing round closed on Dec. 15, 2004, with 26 bids from 23 companies for the five JDZ oil and gas blocks on offer being received.

ExxonMobil has already taken a 40% interest in Block 1, which is considered to have the best prospects in the JDZ and was awarded by the JDA in 2004.

-By Norval Scott, Dow Jones Newswires; [phone]; [e-mail]