SOCO set for offshore Republic of Congo farm-in

SOCO International has agreed to take a 60% operating interest from PA Resources (PAR) in the Mer Profonde Sud offshore the Republic of Congo (Brazzaville).

Offshore staff

LONDON – SOCO International has agreed to take a 60% operating interest from PA Resources (PAR) in the Mer Profonde Sud offshore the Republic of Congo (Brazzaville).

The concession comprises the exploration area of the license but excludes the Murphy-operatedAzurite field, which is nearing the end of its life.

In return for carrying part of PAR’s costs, SOCO will drill an exploration well during the remaining license period. This will test a different structural setting and prospect identified by recent seismic reprocessing and subsurface re-evaluation from previous wells on the block.

It will also target similar reservoirs that produce from offsetting fields in the Congo and in Angola/Cabinda.

Subject to partner and regulatory approvals, drilling could get under way in 2014-15.

Following completion of the transaction, PA Resources Congo SA would retain a 25% interest in the license, with state oil company SNPC keeping its current 15% interest.

11/4/2013

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