Petroleum Africa
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Friday, November 29, 2013
South Atlantic Petroleum (Sapetro) completed the sale and purchase transaction on the Juan de Nova permit with Roc Oil Co. Ltd. This follows publication of the approval by the French government transferring the permit to the company and its JV partner Marex Petroleum Inc on November 14. Sapetro agreed to acquire a 90% interest in the license from Roc Oil in July 2011.
Juan de Nova is a French overseas territory in the Mozambique Channel (administered by Terres Australes et Antarctiques Françaises – TAAF). The permit, off the coast of Juan de Nova island, covers an area of 52,990 sq km that contains a substantial portion of new deep water exploration province adjacent to ENI and Anadarko’s recent discoveries in the Rovuma Basin offshore East Africa.
Within months of executing the agreement on the transfer, Sapetro as operator, has conducted a series of carefully executed seismic and geochemical exploration programs including the acquisition of over 8,000 line km of broadband seismic data and execution of an ocean surface slick sampling program.
Following the conclusion of 2D interpretation works earlier this year, Sapetro already conducted a new state-of-the-art geochemical and geophysical exploration program in October and is currently acquiring 3D seismic data on the permit. The over 7,000 sq km 3D acquisition program is scheduled to end in Q 2014.
Commenting on the transaction, the company’s CEO Martin Trachsel stated: “This official confirmation of SAPETRO’s license ownership represents a welcome endorsement of our technical prowess from the French government. As operator, we will continue to work closely with the French authorities in our role as a principal player in one of the world’s major emerging hydrocarbon provinces.”
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