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Friday, October 17, 2014
Oryx Petroleum has added to its African acreage with the acquisition of an 85% stake in the AGC Central license. The AGC is the offshore joint development area between Senegal and Guinea Bissau.
The Central License covers 3,150 sq km in water depths ranging from 100 meters to 1,500 meters. It has a carbonate edge play type, which was identified from existing 2D and 3D seismic. This play is similar to the play type being pursued by other participants offshore Senegal and sharing some common geological features with AGC Shallow.
Oryx Petroleum is to hold an 85% participating interest and serve as operator with the remaining 15% interest held by L’Entreprise AGC. The PSC has an initial three year exploration phase with a commitment to acquire 750 sq km of 3D seismic data.
Oryx Petroleum also holds an 85% participating interest in and serves as operator of the AGC Shallow license area. Based on technical data the company has identified two play types in three structures: sub-salt related structural traps in the Albian and seismic amplitude prospects in the Maastrictian. 3D seismic data has been acquired, processed and analyzed and the group is finalizing drilling plans with the drilling of the first exploration well expected in the first half of 2015.
The terms of the JOA between partners and the PSC for the Central License largely emulate the terms for the AGC Shallow license area. Notably, L’Entreprise AGC’s share of costs will be carried through exploration and they will have a back-in right for an additional 5% paying interest in the license upon declaration of commerciality.
Commenting, Oryx Petroleum´s CEO, Michael Ebsary, stated: “We are excited about expanding our presence in the AGC. The low cost addition of a new play type, one that others are pursuing in Senegal with some recent success, gives us another way to succeed in the AGC. We aim to build a substantial business in the region.”
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