Targeted spud date is September 2018, according to Africa Energy.
The company recently farmed into 10% of the surrounding petroleum exploration license 37 (PEL 37) from Pancontinental Oil & Gas, agreeing to carry the latter for $5.5 million of the costs of the well.ONGC Videsh Vankorneft and Paragon Oil & Gas are the other partners.
Tullow has started the procurement process for drilling, which remains subject to government endorsement and entry into the next exploration period.
Cormorant is in a water depth of around 550 m (1,804 ft). This is one of a series of large base-of-slope turbidite fan prospects mapped from 3D seismic in the area that could hold significant combined resources, Africa Energy said.
The fans overlie a mature oil-prone source rock of Aptian age, as proven by the nearby Murombe-1 and Wingat-1 wells.
In the Outeniqua basinoffshore South Africa, Africa Energy has agreed to farm into the exploration right for block 11B/12B, 175 km (109 mi) off the country’s southern coast.
The block extends across 19,000 sq km (7,336 sq mi) in water depths ranging from 200-2,000 m (656-6,561 ft).
Total operates with a 50% stake, with CNR International (South Africa) holding the remaining 50%. Under the farm-in deal, Main Street 1549 Proprietary Ltd., owned by Africa Energy, would acquire 5% interest from each of the current partners.
The company has agreed to fund part of Total and CNRI’s costs for a proposed exploration well up to a maximum of $7.55 million, plus certain payments due at various milestones associated with commercialization of hydrocarbons from the block.
Garrett Soden, Africa Energy’s president and CEO, said: “This is a unique opportunity for a company of our size to work with majors in what we believe to be the most prospective geology offshore the African continent. Our technical team knows the area well from their previous exploratory work off the southern coast.”