Petroleum Africa
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Tuesday, August 13, 2013
Genel Energy is expanding its footprint in Africa with a farm-in agreement for Ethiopian acreage. The company said that it has agreed to acquire a 40% interest in the onshore Adigala Block from NewAge (African Global Energy) Ltd.
The deal will see Genel pony up an undisclosed payment that will cover back costs and a contribution to the cost of a 2D seismic data acquisition program to take place before the end of the year.
The Adigala Block covers an area of 10,300 sq miles and is located in the northeast of Ethiopia, bordering Djibouti to the north and Somaliland to the east. Existing 2D seismic data was reprocessed in 2012 and augmented by a ‘full tensor gravity’ survey.
The company said that the integration of this data has provided evidence that all the elements of a working petroleum system exist on the Adigala Block. In particular, oil seeps and surface outcrops support the presence of a mature and active Jurassic oil prone system, which is thought to be analogous to the prolific producing Jurassic Rift Basins of Yemen.
Several large potential structural closures have been identified on existing data. The planned 2D seismic and further technical work will help in refining these leads into drill ready prospects, Genel said.
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