Statement from Crispin Atama Tabe Mogodi, Oil Minister for the Democratic Republic of Congo

LONDON, June 26, 2012 /PRNewswire/ --

"Reports in today's Financial Times (25th June 2012) under the headline 'Congo threatens to take back oil blocks (25.06.12)' do not fully represent my discussion with the publication's correspondent in Nairobi. With a watchful eye on the development of oil production across the border, I certainly did say that we 'don't have time to lose'. However, whist we recognise our progress is behind that of our neighbours, development is at its planned stage and we are comfortable with progress. Our enthusiasm for the project means we remain impatient though. Caprikat and Foxwhelp have made significant investment into R&D and seismic investigations and have invested heavily in social welfare projects in the area. This is the progress that the DRC Government expected when awarding the blocks and we are satisfied that our expectations are being met. I have written accordingly to the FT and expect them to make suitable amends."

SOURCE Oil Minister for the Democratic Republic of Congo