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Issue 258 - 12 July 2013

Egypt: Dana Gas discovery

Subscriber

Dana Gas has announced a new gas discovery on the West El Manzala concession in the Nile Delta. The Begonia-1 discovery well encountered 15 metres of net pay in a good quality sandstone reservoir of the Lower Abu Madi formation. On test, the formation produced 9.4mcf of gas and 133 barrels of condensate, and the resources are estimated at 7-15bcf of gas and around 100,000 barrels of condensate.

Egypt
Issue 256 - 14 June 2013

Kosmos Energy: Rig contract

Subscriber

Kosmos Energy has signed a long-term rig agreement with Atwood Oceanics for the Atwood Achiever drillship. The rig is under construction in South Korea, due for completion in June 2014, and is expected to start drilling operations in H2 2014. The agreement covers an initial three years at a day rate of $595,000, with an option to extend the contract for an additional three-year term. In addition to the Atwood Achiever, Kosmos is looking for another rig for exploration drilling in Q1 2014, including a planned well offshore Morocco.

Subscriber

Statoil’s Cachalote-1 exploration well in offshore Area 2 has failed to hit oil and instead encountered non-commercial gas. The well was the first deep-water exploration well to be drilled on the block and discovered a gas-bearing reservoir in an Upper Cretaceous deep-water channel system. Partner Tullow Oil said the well found 38 metres of good quality gas-bearing reservoir sandstones in an Upper Cretaceous objective on the outboard flank of the regionally important Ibo High. Tullow said the gas was unlikely to be commercial on a standalone basis.

Mozambique
Issue 258 - 12 July 2013

Frontier Resources: AIM listing

Subscriber

Zambia and Namibia player Frontier Resources International has raised £1.8m through a listing on London’s Alternative Investment Market (AIM). Frontier said it was joining AIM to take advantage of the junior market’s profile, broad investor base, liquidity and the access it provides to institutional investors.

Issue 256 - 14 June 2013

Gabon: Harvest to farm down

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Harvest Natural Resources has announced plans to farm down “a significant portion” of its 66.667% stake in the Dussafu Block. Following the drilling of the Dussafu Tortue Marin-1 exploration well, which discovered oil in the Gamba and Dentale formations, studies are under way to evaluate the commerciality of Tortue and other oil discoveries to determine the best development options. Harvest is also planning 3D seismic over the outboard portion of the block to better define exploration prospects identified on 2D seismic.

Gabon
Subscriber

Svenska Petroleum has contracted AGR Well Management for a drilling programme starting in Q1 2014 on Block 2. The programme is for a minimum of one firm well with the option of two additional exploration wells dependant on results and rig availability. The campaign is scheduled to last between 45 and 180 days depending on the success of the first well and the availability of the rig, whose contract will be tendered following governmental and partner approval. AGR carried out well management services for Hyperdynamics’ Sabu well in neighbouring Guinea in 2011-12.

Guinea-Bissau
Issue 256 - 14 June 2013

HRT: More resignations

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Following the departure of founder Marcio Rocha Mello in May, Brazil’s HRT has been hit by the resignation of chief financial officer Carlos Tersandro Fonseca Adeodato and chief administrative officer Maria Emilia de Azevedo. Mello was a key figure behind Petrobras’ big pre-salt discoveries offshore Brazil and the company hopes to emulate that success offshore Namibia, though its first well was non-commercial. Other recent departures have included HRT America president Wagner Peres.

Subscriber

Australia’s Swala Energy has submitted bids for three exploration permits. The bids are for Block 31, which includes part of Lake Tanganyika and was previously licensed to Rapid African Energy, and Karoo blocks 42 and 44 in the south of the country. If the applications are successful, Swala will have an 83% equity interest in any block awarded. Block 3, Zambia’s largest, lies within the East African Rift System, adjacent to acreage held on the Tanzanian side of the lake by Australia’s Beach Petroleum.

Zambia
Free

Rialto Energy has agreed terms with Vitol E&P to work together to develop Rialto’s interests in Côte d’Ivoire and Ghana. Subject to approvals, Vitol will acquire a 20% interest in Rialto Energy (Ghana) Ltd in exchange for providing a facility to cover Rialto’s $7.7m obligations for the drilling of the Starfish-1 exploration well in the Accra Block, which operator Ophir Energy intends to spud in June 2013. Vitol will also acquire 65% of the shares in Rialto Energy (Côte d’Ivoire) Ltd in exchange for providing $50m of capital to be invested in a work programme for Block CI-202.

Ghana | Côte d'Ivoire
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A 24 May case management conference heard initial submissions in a tripartite case pitting SCS Corporation against AGR Well Management and drilling company Jasper Offshore. Hyperdynamics subsidiary SCS alleges that AGR – introduced by joint venture partner Dana Petroleum – caused the project to overrun and costs to balloon through inefficiency and incompetence. Singapore-based Jasper, which AGR contracted separately to undertake the drilling, has counter-claimed against AGR for $10m in outstanding invoices. SCS seeks indemnification of $47.3m, having paid AGR $107.6m for the project, while leaving $19.2m in an escrow account pending resolution of the dispute.




Guinea
Subscriber

HRT Participações em Petróleo’s charismatic founder Marcio Rocha Mello has quit as chief executive as the pre-salt pioneer company’s drilling programme gets under way offshore Namibia. His resignation was announced on 10 May, and the Brazilian company named its technical officer Nilo Chagas de Azambuja Filho to replace him. HRT America president Wagner Peres has also resigned.

Namibia
Free

Total Gabon has spudded the country’s first deep-water pre-salt well. Partner Cobalt Energy said the Ocean Rig Olympia drilling rig had spudded the Diaman 1 well on the Diaba block. The results will be closely watched as Gabon plans a licensing round in June for 42 new deep-water and ultra-deep blocks offering pre-salt potential. Oil minister Etienne Ngoubou told African Energy in December the government hoped to launch the round before the results of pre-salt wells planned this year by Total, Shell and Perenco are known.

Gabon
Subscriber

Hong Kong-based private company Sinoangol has applied to São Tomé and Príncipe for exploration rights to block 2 in the island state’s Exclusive Economic Zone (EEZ). The Agencia Nacional de Petróleo de São Tomé and Príncipe (ANP-STP) issued a public notice on 12 April inviting competitors with “proof of technical capability and financial fitness” to express interest within 15 days.

São Tomé & Príncipe
Issue 219 - 04 November 2011

Chariot finds new Namibia leads


Free

Chariot Oil & Gas has reprocessed and reinterpreted 2,000km of 2D seismic data on its blocks offshore central Namibia, identifying 11 new leads with 3.7bn bbl gross P50 prospective resources. As a result, the company will increase its 3D seismic programme to 3,500km2 from 2,500km2. On Chariot’s northern blocks 1811 A & B, further geological and seismic work on the Tapir trend has led the company to opt for the Tapir South prospect, rather than Tapir North, as the drilling target with the greatest chance of success.

Namibia
Subscriber

Ireland’s Petroceltic International is moving to obtain approvals for a planned corporate reorganization, following its takeover of Melrose Resources and $500m funding deal with the International Finance Corporation, HSBC, Nedbank and Standard Chartered Bank. The Dublin-based company plans to upgrade its listings on the London Stock Exchange’s Alternative Investment Market and Irish Stock Exchange’s Enterprise Securities Market by joining the main LSE and ISE markets.