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  • Genel Energy plc: Acquisition of interests in offshore Angola pre-salt exploration licences
    édité le 03/04/2014 - Plus de news de "Genel Energy" - Voir la fiche entreprise de "Genel Energy"

Genel Energy plc: Acquisition of interests in offshore Angola pre-salt exploration licences
Genel Energy plc (“Genel”) is pleased to announce that, together with White Rose Energy Ventures (“WREV”), it has agreed to acquire 15% working interests in Blocks 38 and 39 offshore Angola.

Blocks 38 and 39 are situated in the Kwanza Basin and cover an area of c.14,000km2 in water depths of 1,500-2,500m.

The transactions provide Genel with a position in exploration licences that hold multi-billion barrel prospectivity and represent a relatively low risk, high impact near-term exploration opportunity.
The play has already been de-risked by exploration drilling in Angola and in the directly analogous Santos and Campos Basins offshore Brazil. A working hydrocarbon system has already been established in the Kwanza Basin through the Cameia, Lontra, Mavinga, Bicuar, Orca, and Azul discoveries, which are located on licences directly adjacent to Blocks 38 and 39.

The Stena Carron drillship has been contracted for a drilling programme which is expected to commence in Q2 2014. The first well of this programme, on Block 39, is expected to target the very material Dilolo prospect. The first well on Block 38 is scheduled to follow the Block 39 well.

The interests will be acquired through two separate transactions. In each transaction, a 15% working interest will be acquired by a 50/50 Genel/WREV joint venture company.

In Block 38, the 15% working interest will be acquired from China Sonangol for an upfront payment of US$59m (US$30m net to Genel), representing a pro rata share of past costs.

In Block 39, the 15% working interest will be acquired from the operator, Statoil Angola Block 39 AS (a wholly-owned subsidiary of Statoil), for a consideration comprising a pro rata share of past costs and a partial carry of Statoil’s share of the first exploration well, for a total consideration value of US$222m (US$111m net to Genel). All consideration will be paid by carrying Statoil’s share of expenses on the block, with the carry on the first exploration well capped at US$123m (US$61m net to Genel) and the remaining US$99m carry (US$50m net to Genel) paid in the event that Genel/WREV elects to participate in additional activity on the Block.

Genel intends to fund its share of the acquisition consideration and drilling cost through existing cash balances. Completion of the acquisition is subject to both Angolan government and Block partner approvals.

On completion, the interests in Blocks 38 and 39 are expected to be:

Block 38 Interest
Statoil (operator) 55.0%
Sonangol 30.0%
Genel Energy/WREV 15.0%

Block 39 Interest
Statoil (operator) 40.0%
Sonangol 30.0%
Total 15.0%
Genel Energy/WREV 15.0%

Tony Hayward, Chief Executive of Genel, said:

"This transaction provides a rare opportunity to enter into a low risk, multi-billion barrel resource play. It fits with our stated strategy of securing high quality exploration opportunities targeting very material resources, and further enhances the opportunity to add significant shareholder value through the drill bit in Africa.

Partnering with White Rose offers us a unique opportunity to secure a material interest in the exciting pre-salt play whilst managing our financial exposure to a level appropriate for a company of our size. White Rose brings significant directly relevant technical experience which together with Statoil, a first-class operator with longstanding regional knowledge and relationships, establishes a strong and exciting partnership with which to establish an entry position in Angola.”

About Genel Energy

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within Africa and the Middle East.

Origine : Communiqué Genel Energy

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