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Friday, March 21, 2014
Discover, the recently formed oil and gas firm, saw the ratification of its PSC covering offshore blocks 35, 36, and 37 (previously named blocks A, B & C), by the National Assembly of the Comoros. Parliamentary approval follows on from the signing of the PSC by the Government of the Comoros last March, in full compliance with the country’s international standard Petroleum Code ratified in December 2012 by the National Assembly.
The PSC license area of around 18,000 sq km is adjacent to Mozambique Areas 1 and 4 where Anadarko Petroleum and ENI have made substantial natural gas discoveries. Existing 2D seismic data suggests the reservoir play fairway hosting these gas deposits extends in to the license area covered by the PSC. The blocks are part of the Exclusive Economic Zone of the Comoros.
The Discover management team were involved through their previous company, Cove Energy plc, in the Area 1 discoveries before Cove was sold to PTTEP.
The parties to the PSC are Discover, Bahari Resources Ltd., and the government of the Comoros. The partnership is entering into a four-year exploration period and will shortly commence an extensive 2D in-fill seismic survey covering the PSC license area. Discover and Bahari will also invest in the training of local personnel and in local community development programs.
Michael Blaha, executive chairman of Discover, said: “Following the signing of our PSC by the Government in March 2013, I am delighted that the National Assembly has now given our contract its approval. I congratulate the people of the Union of the Comoros with the start of their country’s first oil & gas exploration program.”
John Craven, CEO of Discover, commented: “The approval of this strategic PSC by the National Assembly of the Comoros, signifies the start of the exploration program in our license area, covering the outboard part of the Rovuma Delta, bordering the highly prospective offshore Mozambique hydrocarbon province. Our partnership is looking forward to working with His Excellency Dr. Ikililou Dhoinine, President of the Union of the Comoros, and his Government to unlock the hydrocarbon potential contained within our license area.”
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