MELBOURNE, Australia – Svenska Petroleum Exploration has secured approval via presidential decree to extend the terms of two licenses offshore Guinea-Bissau.
The current exploration period for the Sinapa and Esperanca licenses will now expire on Oct. 2, 2023.
Operations in the licenses, including preparation for drilling the Atum-1X prospect, have been suspended due to COVID-19. Svenska and partner FAR are working on measures to protect themselves against further cost exposures in the present situation.
In its latest results statement, FAR added that it was continuing with full waveform inversion (FWI) processing of a 600-sq km (232-sq mi) 3D seismic survey acquired early this year over block A5 off The Gambia.
Processing will likely be expanded to include the remaining 3D seismic datasets over A2 and A5, to deliver single merged 3D seismic data across the blocks. That in turn should improve geological interpretation and future prospect selection.
Planning continues for the Bambo-1 well, designed to test multiple stacked objectives including the Bambo 390, Soloo 410 and Soloo 440. FAR and its partner will monitor COVID-19 development with a view at some point reactivating the well execution project, after this was halted earlier in 2020.
The environmental and social impact assessment for drilling has progressed with the completion of the public consultation process.