Gulf Oil and Gas accountACCOUNT

Oryx Acquires 85% Interest in AGC Central License Area

Source: 10/16/2014, Location: Africa

Oryx Petroleum Corporation Limited has acquired an 85% interest in the AGC Central license located in the joint development offshore area between Senegal and Guinea Bissau.

CEO´s Comment
Commenting, Oryx Petroleum´s Chief Executive Officer, Michael Ebsary, stated:
“We are excited about expanding our presence in the AGC. The low cost addition of a new play type, one that others are pursuing in Senegal with some recent success, gives us another way to succeed in the AGC. We aim to build a substantial business in the region.”

Signing of Production Sharing Contract
The Group has signed a new PSC covering the AGC Central license area in the joint development offshore area between Senegal and Guinea Bissau. The PSC has been approved by decree from the Haute Autorite, the Presidencies of Senegal and Guinea Bissau, who are responsible for administering oil exploration activities in the AGC.

The license covers 3,150 square kilometres in water depths ranging from 100 metres to 1,500 metres, an area that was previously included in the AGC Profond license area. Previous operators in the AGC Profond license area have focused activities on the deep water portions of the license.

Oryx Petroleum will hold an 85% participating interest and serve as Operator with L’Entreprise AGC holding the remaining 15%. Terms of the Joint Operating Agreement between partners and the PSC largely emulate the terms for the AGC Shallow license area. Notably, L’Entreprise AGC’s share of costs will be carried through exploration and they will have a back-in right for an additional 5% paying interest in the license upon declaration of commerciality.

A signature bonus was paid in conjunction with the signing of the PSC. The PSC includes three exploration periods of three, two and two years. Commitment in the initial three year exploration phase is the acquisition of 750 square kilometres of 3D seismic data.

Play Type
Based on available technical data Oryx Petroleum has identified a carbonate edge play type with potential Cretaceous clastic/carbonate structures. The play type is similar to plays being pursued in similar water depths in Senegal by other industry participants. The play type also shares some commonalities in terms of a working petroleum system with play types that Oryx Petroleum has identified in the AGC Shallow license area.

AGC Shallow License Area
Oryx Petroleum also holds an 85% participating interest in and serves as Operator of the AGC Shallow license area, a 1,700 square kilometres license area in water depths up to 100 metres. Based on technical data the Group has identified two play types in three structures: sub-salt related structural traps in the Albian and seismic amplitude prospects in the Maastrictian. 3D seismic data has been acquired, processed and analyzed and the Group is finalizing drilling plans with the drilling of the first exploration well expected in the first half of 2015.

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Senegal >>

Cameroon >>  3/30/2020 - Tower Resources plc, the AIM-listed oil and gas company with its focus on Africa, is pleased to announce updates in respect of its Thali Production Sh...
Canada >>  3/30/2020 - As announced on 18 December 2019, the acquisition of the Wizard Lake assets would proceed in stages. Stage 1 was completed on 23 December 2019 with SB...

United States >>  3/30/2020 - Given current market conditions, Shell announces it will not proceed with an equity interest in the proposed Lake Charles LNG project. Accordingly, En...
Australia >>  3/26/2020 - 3D Oil has announced that ConocoPhillips Australia and TDO’s wholly owned subsidiary, 3D Oil T49P have executed a Joint Operating Agreement ('JOA') in...

Australia >>  3/26/2020 - Real Energy, an Australian east coast focused gas company with interests in the Cooper and Surat Basins has announced that the Queensland Government h...
Georgia >>  3/26/2020 - Block Energy Plc has entered into a sale and purchase agreement ("SPA") with Schlumberger B.V. to acquire its subsidiary Schlumberger Rustaveli Compan...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Senegal Oil & Gas 1 >>  2 |

Oil & Gas Projects in Senegal >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.