Gulf Oil and Gas accountACCOUNT

Addax Petroleum Announces Acquisition Onshore Gabon

Source: www.gulfoilandgas.com 5/14/2009, Location: Africa

Share |
Addax Petroleum Corporation announced that it has agreed to fund an exploration well in the Ogueyi licence area, onshore Gabon, with the potential to earn a 50 per cent interest in the licence area. Perenco, as operator of the Ogueyi licence area, has recently spudded the exploration well targeting the Azango prospect.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: “We are pleased to have acquired a potential interest in the Ogueyi licence area as this continues our strategy to build our property portfolio around core producing areas. This is also a demonstration of Addax Petroleum’s commitment and concerted focus on growth from exploration and provides good potential for an almost immediate impact to the Corporation.”

The Ogueyi licence area is an exploration block with a gross area of 1,339 km2 (330,900 acres) on the eastern edge of the Port Gentil basin, onshore Gabon. The Port Gentil basin is a well-established hydrocarbon province, producing mainly offshore from post salt formations of late Cretaceous age. The operator of the Ogueyi licence area has identified several prospects and leads on the block which is covered by a suite of approximately 2,551 km of 2D seismic data. The Azango prospect in the Ogueyi licence area was spudded in early May 2009 and is expected to reach a total depth of 1,685 metres in June 2009.

Operations for the Ogueyi licence area are conducted under a production sharing contract with fiscal terms similar to the other licence areas which Addax Petroleum holds in Gabon. The production sharing contract is in its second exploration phase due to expire in July 2009, however, a two year extension has already been negotiated by the operator. The commitments under the second exploration phase will be fulfilled with the drilling of the Azango prospect.

Under the terms of the farm-in with Perenco, Addax Petroleum has agreed to fund the Azango exploration well up to a maximum cost of $8 million. In addition, Addax Petroleum has the option to make additional staged payments to Perenco based on future exploration results in order to obtain a 50 per cent interest in the licence area. The ultimate assignment of the 50 per cent interest by Perenco to Addax Petroleum would be subject to the approval of the Government of Gabon. The Government of Gabon also retains a 10 per cent back-in right in the event of a commercial development.

Mergers and Acquisitions News in Gabon >>

Malaysia >>  11/11/2018 - Sapura Energy and OMV have signed a Share Subscription Agreement and a Shareholders’ Agreement to form a strategic partnership. Under the agreements, ...
United Kingdom >>  11/5/2018 - Serica Energy has signed a sale and purchase agreement ('SPA') to acquire further interests in the Bruce and Keith fields and associated infrastructur...

United Kingdom >>  11/5/2018 - Union Jack Oil has announced that, further to entering into a Heads of Agreement as announced on 3 October 2018, the Company has now signed a farm-in ...
Azerbaijan >>  10/31/2018 - Nobel Oil and Wood have entered into a joint venture (JV) agreement to provide engineering and operations support services to the oil and gas market i...

Norway >>  10/30/2018 - Magseis ASA (Magseis) and Fairfield Geotechnologies (Fairfield) entered into an agreement whereby Magseis will acquire the Seismic Technologies busine...
United States >>  10/30/2018 - Chesapeake Energy Corporation (CHK) and WildHorse Resource Development Corporation (WRD) jointly announced that Chesapeake has entered into a definiti...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gabon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Gabon >>

More News

 

Oil & Gas Companies in Gabon >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.