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2018 HIGHLIGHTS

Area now known to have >1.5bn bbls and 30TCF, plans are being made for both oil and gas production to commence within the next five years.

Mauritania

Exxon acquires 3 blocks

BP and Kosmos drill a dry hole at Lamantin – chasing a strat trap with a potential charge of oil from the same source rock that delivers at SNE.

The Chinguetti field is to be decommissioned by Sterling for $30m after a disappointing production history.

Senegal

The decision to develop 240mmbbls – approx. 50% of the known reserves – at SNE will be made in 2019 with the first submission in the process occurring in mid 2018. Approx. 25 wells will be used to produce an initial plateau of 100,000 bopd via a stand alone FPSO.

Far is still pursuing a legal claim to take Woodside’s interest in the SNE licence after Woodside acquired it from ConocoPhillips.

Trace are farming out their shallow water block for 3D and a well. Some 3D was shot by Far in an earlier farm out option period (not exercised) but more is required to evaluate the Antelope prospect (c. 200mmbbls) with a well likely to cost $15m.

BP and Kosmos drill a dry hole at Requin Tigre, north and on trend to Yakaar. With a large AVO anomaly this prospect had similar attributes to the existing gas discoveries in the area but it was dry.

Gambia

GNPC have held presentations around the world to seek companies to take on the ex African Pet licences and other open acreage. African Pet continue to pursue legal options to recover their assets (blocks A1 and A4).

Far have mapped the Samo prospect with 800+mmbbls due south of SNE in block A2 and have farmed out to Petronas. The farm out is 2 for 1 with 40% equity going to Petronas and $8.6m of back costs. The well will cost $45m and is due to be drilled in 2019.

AGC Profond

Oryx are actively farming out their acreage – terms are not known.

Guinea Bissau

Svenska are planning on drilling in 2019 – on the western edge of their acreage.

BEC are awarded block 4B under a new business arrangement with the NOC – PetroGuin

Trace, Larsen and Supernova all actively seeking farminees with wells needing to be drilled in the next 18 months. With BEC’s block also being made available to a deep water operator there is an opportunity for a super major to secure a large acreage position in country.

Guinea Conakry

Total have reportedly secured an option over all the offshore acreage for one year with a view they can select 3 blocks thereafter.

2017 HIGHLIGHTS

Area now known to have >1.5bn bbls and 30TCF.

Mauritania

BP farms into Kosmos blocks in Mauritania (& Senegal) for over $1bn. Kosmos and Total acquire new blocks

Senegal

To the west and north of SNE field Total muscle in on African Pet. ultra deep water block which had reportedly been farmed out but the licence was then rescinded by Petrosen. BP acquire blocks close to Mauritania and BP and Kosmos drill Yakaar 1 and find 15TCF. SNE field expands southwards with wells 5 & 6 wells both testing at c 5,000bopd and in communication. VR well to 5 km west of SNE finds 97m pay. SNE North (a bold step out) was drilled as the last well in the programme and found gas condensate and oil in the main SNE reservoir but deeper than the known OWC. There was also a new deeper oil zone. Fan South (first Fan appraisal) well was drilled and despite finding oil in one of the two targets was deemed non commercial with poor reservoir quality encountered. Fan South (first Fan appraisal) well was drilled and despite finding oil in one of the two targets was deemed non commercial with poor reservoir quality encountered.

Gambia

Africa Pet. announce a farm out of their A1 and A4 blocks for 3D and a well but despite this the GNPC rescinded their licenses in July and this has led to a legal dispute. Reported terms were $8.5m past costs and a full carry on 3D shoot and a well – the farminee was never identified.

Far bought 80% equity in Erin’s blocks A2 and A5 for $5.8m back costs and a $8m carry on a well.

AGC Profond

Area to west of Dome Flore sees Impact farmout to CNOOC. No terms released but 65% equity will move to Nexen/CNOOC.

Oryx have moved forward with their acreage having acquired a legacy 3D shoot of just less than 2,000 square kms.

Guinea Bissau

Svenska re-negotiate terms of Guinea Bissau blocks, extend licence and commit to 2 wells.

Guinea Conakry

Hyperdynamics farm out half their interest in Guinea Conakry block for cash (c $8m) plus 50% of a well. Fatala well was drilled at the end of the year and reported dry.