Recent gas discoveries in Tanzania offshore have been made by major oil & gas operator. In consequence the Group decided to reconsider its positioning in this region. That is why the Group exercise its preemption right following the agreement signed between Wentworth Resources and Cove Energy in February 2012. After the closing, the Group will own 48.06% of the Mnazi Bay development licence and 60.075% of the exploration licence.
As a result and based on resources certified by RPS---APA in 2007, the Group’s share of resources net of royalties on the Mnazi Bay permit is 56 Mboe.
The project of the Tanzanian authorities for laying a pipeline along the Tanzanian coast claimant, initially, a stabilized production of around 80 million cubic feet per day, the Group decided to perform workovers on three existing wells. Moreover, to increase the level of resources and access to a higher level of production, two exploration wells were also determined in the northern part of the permit; Ziwani---1 Drilling being in progress. The Offshore part of the license, in shallow water, will be explored in a second time.
