Petroleum Africa
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Tuesday, March 12, 2013
A new company has formed with the ambition to take advantage of East Africa’s natural gas potential, specifically the Rovuma Gas Delta between Mozambique and the island nation of Comoros. Discover Exploration, whose management is made up of Cove Energy’s former executives, was recently formed in hopes of duplicating the success they saw with Cove.
The company has a strong experienced management team made upMichael Blaha as executive chairman, John Craven as CEO, and Michael Nolan as CFO. The company is looking to leverage its relationships with senior industry and financial executives in order to exploit its recent award of acreage offshore Comoros.
The company signed a PSC for a block offshore Comoros and adjacent to the block Cove Energy held before it was bought out by Thailand’s PTTEP, Mozambique’s Offshore Area 1. Discovery said that the license area located over the outboard part of the Rovuma Delta, near to gas discoveries by Anadarko Petroleum and ENI’s acreage offshore Mozambique.
The PSC represents the first PSC signed by the government of Comoros and covers about 18,000 sq km. The company said that there is existing 2D seismic which indicatesthe extension of Rovuma basin floor fans continuing into the PSC license area. The initial work program will include the further acquisition of 2D seismic, followed by 3D seismic and drilling. Parties to the PSC, which covers a 10-year exploration period, are Discover (60%) and Bahari Resources (40%).
Discover is being advised by Investec Bank on its financing strategy, which is todeliver value to shareholders through participation in exploration and appraisal programs focussing on deepwater petroleum systems. The company will concentrate on young emerging basins, de-risked through 2D and 3D seismic, and where appropriate participate in multi-well drilling programs through farm-ins, farm-outs, and M&A activity.
Michael Blaha, executive chairman of Discover, said:“Given the recent success the management have enjoyed with Cove Energy, I am delighted to be joined with them again in Discover Exploration. The support of ONH provides for an excellent combination and strengthens our capabilities. Discover will be an opportunity driven company and our objective is to enter into various deepwater turbidite plays in young emerging basins, with reliable and proven partners, and with value added through drilling. While entry into Africa is a primary target, our discussions are not restricted to this geography.
"The commercial and financial support we have received to date from founding shareholder Marcel van Poecke/ONH is outstanding and we look forward to delivering shareholder value from the outset.”
John Craven, CEO of Discover, commented: “I am very pleased to introduce Discover Exploration and its strategy, core to which is utilising the strong geo-technical expertise, industry contacts and successful track record of our Board and management team to identify frontier oil and gas prospects, as we build a balanced portfolio of assets.
"The signature of this strategic PSC with the Government of the Union of the Comoros and Bahari Resources, covering the seaward section of the Rovuma Delta and bordering the highly prospective offshore Mozambique hydrocarbon province, presents a unique opportunity given its geographical and geological position. This gives Discover a unique first mover advantage and we look forward to working with the Government and His Excellency Dr. Ikililou Dhoinine, President of the Union of the Comoros, and our partner Bahari Resources to unlock the potential contained within our PSC license area.”
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