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  • CNOOC acquires 55.55% of Svenska’s interest in highly prospective acreage offshore Guinea-Bissau
    édité le 06/08/2019 - Plus de news de "FAR Limited" - Voir la fiche entreprise de "FAR Limited"


CNOOC acquires 55.55% of Svenska’s interest in highly prospective acreage offshore Guinea-Bissau
FAR Limited (ASX: FAR) has approved the Request for Transfer of Interest from Svenska Petroleum Exploration GB (“Svenska”) of a 55.55% participating interest in the highly prospective Sinapa and Esperanca petroleum licences offshore Guinea-Bissau, to CNOOC West African Petroleum E&P SA (“CNOOC”). FAR will retain its 21.42% participating interest in each of the licences.

Under the terms of the farm-out agreement, CNOOC will be assigned a 55.55% participating interest in the Sinapa and Esperanca licences, with the obligation to fund 55.55% of all expenditures under their respective Agreement for Joint Venture Participation (“AJVP”) and Joint Operating Agreements (“JOAs”). CNOOC’s interest will convert to a 50.0% participating interest in each of the licences in the event of a commercial discovery.

Svenska will retain a reduced 23.03% participating interest and shall continue to act as operator while CNOOC, upon conclusion of the upcoming offshore drilling campaign, may elect to assume operatorship. Completion of the farm-out agreement is subject to approval from the Government of the Republic of Guinea-Bissau and customary Joint Venture consents, which under the AJVP, is not subject to pre-emption rights.

Svenska will continue to operate the exploration licences as the JV prepares to drill the first ever deepwater exploration well offshore Guinea-Bissau in the first quarter of 2020. Subject to receiving regulatory approvals, the transaction is expected to close in the third quarter of 2019.

Past offshore exploration in Guinea-Bissau had initially concentrated in shallow waters less than 200m targeting a variety of salt diapiric-related features. Drilling to date has encountered excellent quality reservoir sands across multiple intervals exhibiting abundant oil and gas shows. The Sinapa permit has two discoveries, with light oil having been recovered to surface from both those locations. The most significant of the two being the Sinapa discovery with contingent resources of ~13.4MMbbls* of recoverable light oil (unrisked, 2C case, 100% basis).

The Joint Venture is advancing preparations for drilling of the Greater Atum prospect in early 2020, which will be the first offshore exploration well drilled since 2007 and the first ever deepwater exploration well offshore Guinea-Bissau. The Greater Atum prospect is a recognised shelf-edge play analogue of the giant SNE oil field offshore Senegal and has a best estimate prospective resource of 471mmbbls* (gross, unrisked).

CNOOC West African Petroleum E&P SA, a subsidiary of CNOOC Limited, (together with its subsidiaries) isthe largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world.

*Prospective Resource Estimates Cautionary Statement – With respect to the prospective resource estimates contained within this report, it should be noted that the estimated quantities of Petroleum that may potentially be recovered by the future application of a development project may relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

In applying the knowledge gained from its discoveries in Senegal, FAR’s enhanced understanding of the various petroleum systems active in the area led the Joint Venture to identify the potential for a shelf-edge play along the western boundaries of our offshore permits. Focussing on exploration along this play fairway through the MSGBC Basin shelf margin has attracted significant new interest, and this recent entry by CNOOC – a super-major National Oil Company into our permits – is supporting recognition of our exploration strategy offshore Guinea-Bissau.

FAR’s Managing Director Cath Norman said, “We look forward to progressing the Guinea-Bissau acreage now that CNOOC have farmed into the project. Attracting a National Oil Company such as CNOOC shows the confidence that another major company has in FAR’s Guinea-Bissau acreage. CNOOC brings a wealth of technical and operational expertise and experience and we look forward to finalising the details of the future drilling plans that are expected to begin early 2020. We welcome CNOOC to the Joint Venture and look forward to a long and successful relationship.”

Participating Interest:

- CNOOC West Africa Petroleum E&P SA: 55.55%
- SPE Guinea Bissau AB: 23.03%
- FAR Ltd: 21.42%

*Prospective Resource Estimates Cautionary Statement - With respect to the prospective resource estimates contained within this report, it should be noted that the estimated quantities of Petroleum that may potentially be recovered by the future application of a development project may relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

About FAR

FAR Limited (ASX:FAR) is an independent, Australian Securities Exchange listed (ASX: FAR), oil and gas explorer with high potential exploration and pre-appraisal assets in West and East Africa.

About CNOOC

China National Offshore Oil Corporation (SEHK: 00883, NYSE: CEO, TSX: CNU), the largest offshore oil and gas producer in China, is a mega government owned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China.


Origine : Communiqué FAR Limited

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