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Wednesday, March 12, 2014
Gabon should see drilling from Angolan firm PetroPlus Overseas on the Hyembe exploration area during 2014. Located close to the northeast coast of Port-Gentil, the Hyembe exploration zone has oil reserves currently estimated to stand at 80 million barrels. PetroPlus holds the block with a 100% stake.
The company also holds the Espadon license agreement, which covers a total area of 4 sq km and is located west of Port Gentil. The license area is estimated to contain 24 million barrels. Drilling on this block is scheduled to take place in 2015.
“Our objective in Gabon, of course, is to create long-term and responsible value for the country as well as for our company and investors. However, this is just the first phase. We are also reflecting on other projects to implement our growth strategy and we’re studying the possibility of obtaining oil and gas blocks in Tanzania, Morocco, Chad, and Congo,” said Vincent Miclet, CEO of PetroPlus Overseas.
Besides the two blocks in Gabon, PetroPlus obtained two licenses in Mali.
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