HOUSTON – Equatorial Guinea’s Ministry of Mines and Hydrocarbons has granted RoyalGate Energy an extension to its license for offshore Block Z, north of Bioko Island.
The African independent plans to start drilling once the oil price stabilizes.
Block Z contains the undevelopedGardenia discovery, with estimated in-place reserves of 3.6 tcf of gas and 25 MMboe of condensate.
Interpreted data from a 600-sq km (231-sq mi) seismic survey over the area has revealed four other potential prospects in the area: Tulip, Daisy, Buttercup, and Sunflower.
RoyalGate is also monitoring Angola’s marginal fields licensing round, due to be launched in Luanda in June.