SOCO Announces Marine XIV Farm-In Agreement

Source: www.gulfoilandgas.com 9/9/2008, Location: Africa

The Company announced that its subsidiary, SOCO Exploration and Production Congo S.A., has entered into a farm-in agreement to acquire a 29.4% working interest in the Marine XIV Block, offshore the Republic of Congo (Brazzaville), from PA Resources Congo SA. SOCO EPC will also become the operator of the Block. PA Congo will retain a 12.5% interest and the national oil company, Société Nationale des Pétroles du Congo, will have a 15% carried interest. The remaining interests will be held by fellow farm-in participants and SOCO’s Marine XI joint venture partners, Raffia Oil SARL (21.55%) and a subsidiary of Lundin Petroleum (21.55%).

The three farm-in participants will pay their respective shares towards PA Congo’s past costs, one hundred percent of the costs for a 3D seismic programme to be acquired during the first exploration period and one hundred percent of the dry hole well costs for the first well to be drilled on the Marine XIV Block, subject to a maximum cost, in total, of US$30 million. Additional costs will be paid should the farm-in participants participate beyond the first exploration period. All other costs will be borne by all participants according to their paying interests.

The Marine XIV Block is located in the Lower Congo Basin in shallow water, adjacent to the Company’s Marine XI Block, and will complement SOCO’s activity both operationally and technically. The Block comprises three discontinuous sections located in water depths ranging up to 110 metres and covers approximately 265 square kilometres. Previous exploration activity on the Block has resulted in some oil discoveries.

The assignment of interests is subject to approval of the appropriate regulatory authorities of the Government of the Republic of Congo (Brazzaville).


Canada >>  11/11/2024 - Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships comprised of Waterous Energy Fun...
United Arab Emirates >>  11/11/2024 - ADNOC Gas, a world-class integrated gas processing company, announced today it expects to acquire ADNOC’s 60% stake in the Ruwais Liquified Natural Ga...

United States >>  11/11/2024 - Hexagon Agility, a subsidiary of Hexagon Composites, announced the acquisition of the assets of Specialty Fleet Services, a leading natural gas (CNG,L...
Germany >>  11/8/2024 - ITM Power is pleased to announce that we have signed our first contract to sell a NEPTUNE V unit to Guttroff GmbH, a private German company that provi...

India >>  11/8/2024 - The Board of Synergia Energy Limited (Synergia or the Company) is pleased to announce the following update on operations being conducted on its Cambay...
Norway >>  11/7/2024 - Equinor has signed an agreement to acquire Sval Energi’s 11.8% share in the Halten East Unit. With this acquisition, Equinor increases its ownership t...

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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.