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Sunday, December 2, 2018
Discover Exploration’s wholly-owned subsidiary Discover Exploration Comoros has signed a binding agreement to farm out a 35% working interest in its PSC covering Blocks 35, 36 & 37 offshore Comoros to Tullow Comoros, a wholly-owned subsidiary of Tullow Oil.
As part of the transaction, Tullow will become the operator, and will partly carry Discover for a 3D seismic survey and the first exploration well. The transaction is subject to governmental consent.
Simultaneously, Discover has signed a binding agreement to acquire (subject to certain conditions) the entire issued share capital of Bahari Resources, its 40% joint venture partner in the Comoros PSC.
Following completion of both transactions, Discover will hold a 65% non-operated working interest in the Comoros PSC (through its wholly-owned subsidiaries Discover Exploration Comoros and Bahari), while Tullow will hold the remaining 35% and operatorship (through its wholly-owned subsidiary Tullow Comoros Limited).
The Comoros PSC covers a deep water area of 16,063 sq km and is outboard of circa 200 trillion cubic feet (‘TCF’) of gas in place discovered in Rovuma Areas 1 and 4, offshore Mozambique. The joint venture partners of Rovuma Areas 1 and 4 include Anadarko Petroleum Corp., China National Offshore Oil Corp. (CNOOC), Eni, ExxonMobil Corp., Mitsui & Co. and PTT Exploration and Production (PTTEP).
In a Competent Persons Report dated August 2018, ERCE, the UK-based independent energy consulting group, estimated that two partly stacked prospects in Comoros blocks 35, 36 & 37 together contain gross mean unrisked prospective resources of circa 7.1 billion barrels of oil (+1.1 TCF of associated gas) in an oil case or 49 TCF of non-associated gas (+2.3 billion barrels of condensate) in a gas case.
Following ratification of the Comoros PSC in 2014, Discover and Bahari acquired and interpreted circa 3,900 km of 2D seismic data, and conducted a range of exploratory studies. This farm out to Tullow marks the successful completion of the first exploration period. The partnership is now preparing to acquire a 3D seismic survey, the first ever in the Comoros.
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