Petroleum Africa
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Monday, June 29, 2015
Red Rock Resources entered into an option agreement with Elephant Oil. Under the option agreement, if exercised Red Rock will have subscribe for 1,086,956 new ordinary shares in Elephant, at a price per share of 25.3 pence, for an aggregate consideration of £275,000.
In addition, if executed, the option includes the right to invest an additional £412,500 in to Elephant within a six month period, also at 25.3 pence per share. The option is exercisable within seven days, unless extended by Elephant. A further announcement will be made at that time.
Elephant is a privately held independent oil exploration company holding a 100% interest in Benin’s Block B PSC. The block covers 4,500 sq km, or approximately two-thirds of the coastal basin, and is one of only two onshore blocks to have been made available by the government of Benin.
To date, Elephant has acquired a high-resolution aero gravity gradiometry survey, covering the entirety of Block B. Fieldwork and geophysical interpretation have also been completed, resulting in the identification of subsurface leads. Preparations are underway for a new 2D seismic acquisition program that will be used to define a drillable prospect, for the first exploration well onshore in Benin.
Elephant recently began the Environmental Impact Assessment (‘EIA’) covering the area of the upcoming seismic survey. The EIA is a prerequisite to permitting the new seismic acquisition program, planned in 2016.
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