Block Energy has a conditional agreement with Pilgrim Exploration for an investment associated with the Ndjila and Mpari production sharing contracts (PSCs) offshore Gabon.
The two contiguous offshore licenses span a total area of 5,331 sq km and contain four oil discoveries, with broader presalt and post-salt upside.
Pilgrim’s initial work program, approved by Block Energy, includes subsurface interpretation and data integration; refinement of the Iguega (anchor field) development concept; assessing the three other oil discoveries (Ekouata, Topaz and Pilote); license-wide mapping (including pre-salt) and prospect ranking; and preparation of the assets for raising finance for development and exploration work programs, including drilling.
Block Energy plans to raise $6.3 million for the farm-in transaction.
“With an excellent dataset and highly encouraging drilling activity by former operators, we believe that the assets combine an anchor development opportunity with significant upside and broad running room," Block Energy CEO Paul Haywood said. “We have been encouraged by the support of the Gabonese authorities for international investment in the hydrocarbon sector…”
About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.