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Wednesday, April 6, 2016
Oando Energy Resources announced the following transactions by its 81.5% held subsidiary, Equator Exploration, relating to blocks in the Sao Tome and Principe’s (STP) Exclusive Economic Zone (EEZ). On February 19 Equator executed a PSC with the National Petroleum Agency of STP (ANP-STP) for Block 12, taking an 87.5% participating interest with ANP-STP holding the remaining 12.5% as a carried interest. Subsequently, Equator has farmed out a 65% participating interest and transferred operatorship in each of Blocks 5 and 12 to Kosmos Energy Sao Tome and Principe.
The Block 5 farm out transaction was approved by ANP-STP on February 19 and the Block 12 farm out transaction was approved on March 31.
Prior to the Block 5 farm-out transaction, Equator held an 85% participating interest in the PSC for Block 5, with ANP-STP holding the remaining 15% as a carried interest. The PSC was signed in April 2012 and a 3D seismic survey of 1,480 sq km was acquired in April 2015.
Block 5 has an area of 2,844 sq km in water depths ranging from 2,000 meters to 2,500 meters. It was ranked highest in the EEZ by Equator with regard to hydrocarbon potential based on water depth, proximity to both the Equatorial Guinea shelf and the ancient Ogouee delta, and the presence of structural development related to basement faulting in the Cretaceous where oil has been found in Equatorial Guinea
Block 12 has an area of 7,940 sq km in water depths ranging from 2,500 meters to 3,000 meters. The block is situated within Zone B of the government block classification scheme, and within this group has been ranked the most attractive by Equator due to its proximity to the North Gabon salt basin and the presence of structural prospects located both on the footwall of the Ascension Fault and similar sub-parallel trends.
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