Gulf Oil and Gas accountACCOUNT

Farm Down of Interest in Block H, Offshore Equatorial Guinea

Source: www.gulfoilandgas.com 8/18/2011, Location: Africa

Roc Oil (Equatorial Guinea) Company, a wholly owned subsidiary of ROC, has agreed to farm down its interest in Block H, offshore Equatorial Guinea, to White Rose Energy Ventures (Equatorial Guinea) Limited ("White Rose"), a portfolio company of First Reserve Corporation, from 37.5% to 20.0% for a free carry through the drilling of an exploration well. ROC will also receive an upfront payment of US$0.9 million and additional bonuses subject to the success of the well. ROC will relinquish technical operatorship of the permit to White Rose. The effective date of the farm down is 1 July 2011. The agreement is subject to receipt of relevant joint venture and government approvals, and extension of the blockís term to at least the end of 2012 in order to provide sufficient time to drill the exploration well.

Block H contains several prospects and leads, including the undrilled Aleta-1 prospect, which is a large Cretaceous channel sand system (comparable reservoirs to the Ceiba discovery) identified on block-wide 3D seismic data. An exploration well is planned to be drilled during 2012.

Commenting on the farm-down, ROCís Chief Executive Officer, Alan Linn, stated:
"The farm-down of ROCís interest in Block H, offshore Equatorial Guinea, follows the sale of ROCís share in the Cabinda Onshore South Block, onshore Angola, announced in May 2011 and full exit from Mozambique Channel exploration blocks announced in July 2011.

The farm-down of this asset will allow ROC to redeploy capital and resources to pursue opportunities more consistent with the Companyís strategy, whilst retaining exposure to the potential upside provided by the Aleta-1 prospect. ROCís strategy is to generate future growth through exploration, appraisal and pre-development opportunities located in the focus region of China, South East Asia and Australasia. ROC continues to pursue the divestment of its remaining offshore Mauritania interests."

Acquisitions and Divestitures News in Equatorial Guinea >>

Argentina >>  4/17/2019 - Equinor adds seven offshore exploration blocks to its portfolio, after presenting winning bids in the 1st Offshore Licensing Round in Argentina. ...
Argentina >>  4/16/2019 - Qatar Petroleum has won exploration rights in five offshore blocks in the North Argentina, and Malvinas West basins in Argentina. ...

Russia >>  4/16/2019 - Gazprom Neft subsidiary Gazpromneft-Zapolyarye has concluded long-term risk-based operator agreements with Gazprom PJSC subsidiaries, allowing the com...
United Kingdom >>  4/16/2019 - Union Jack Oil plc (UJO), a UK focused on-shore hydrocarbon production, development and exploration company is pleased to announce that it has conditi...

United Kingdom >>  4/16/2019 - Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to announce it has conditional...
Mexico >>  4/15/2019 - MODEC, Inc. ("MODEC), Mitsui & Co., Ltd. and Mitsui O.S.K. Lines, Ltd. (MOL) jointly announce that Mitsui and MOL have participated in a long-term ch...

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 


Equatorial Guinea Oil & Gas 1 >>  2 |

Oil & Gas Projects in Equatorial Guinea >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG EH 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.