News listings

energy-pedia general news

Comoros flagComoros

Middle East / Africa >>> Comoros

Comoros: Discover Exploration farms out Comoros PSC to Tullow Oil


29 Nov 2018

Photo - see caption

Discover Exploration has announced that its wholly-owned subsidiary Discover Exploration Comoros has signed a binding agreement to farm out a 35% working interest in its Production Sharing Contract (PSC) covering Blocks 35, 36 & 37 offshore the Union of the Comoros to Tullow Comoros, a wholly-owned subsidiary of Tullow Oil.

As part of the transaction, Tullow will become the operator, and will partly carry Discover for a 3D seismic survey and the first exploration well. The transaction is subject to governmental consent.

Simultaneously, Discover has signed a binding agreement to acquire (subject to certain conditions) the entire issued share capital of Bahari Resources, its 40% joint venture partner in the Comoros PSC.

Following completion of both transactions, Discover will hold a 65% non-operated working interest in the Comoros PSC (through its wholly-owned subsidiaries Discover Exploration Comoros and Bahari), while Tullow will hold the remaining 35% and operatorship (through its wholly-owned subsidiary Tullow Comoros Limited).

The Comoros PSC covers a deep water area of 16,063 km2 (circa 4 million acres) and is outboard of circa 200 trillion cubic feet ('TCF') of gas in place discovered in Rovuma Areas 1 and 4, offshore Mozambique. The joint venture partners of Rovuma Areas 1 and 4 include Anadarko Petroleum Corp., China National Offshore Oil Corp. (CNOOC), Eni, ExxonMobil Corp., Mitsui & Co. and PTT Exploration and Production (PTTEP).

In a Competent Persons Report dated August 2018, ERCE, the UK-based independent energy consulting group, estimates that two partly stacked prospects in Comoros blocks 35, 36 & 37 together contain gross mean unrisked prospective resources of circa 7.1 billion barrels of oil (+1.1 TCF of associated gas) in an oil case or 49 TCF of non-associated gas (+2.3 billion barrels of condensate) in a gas case.

Following ratification of the Comoros PSC in 2014, Discover and Bahari acquired andinterpreted circa 3,900 km of 2D seismic data, and conducted a range of exploratory studies. This farm out to Tullow marks the successful completion of the first exploration period. The partnership is now preparing to acquire a 3D seismic survey, the first ever in the Comoros.

Photo - see caption
Location of Blocks 35, 36 & 37 (Source: Bahari Resources)

Michael Blaha, Executive Chairman of Discover, said: 'We are excited that Tullow joins Discover in this highly prospective license. With its extensive deep water drilling expertise, Tullow is a strong partner for this venture. Together, we look forward to unlocking the significant potential of our Comoros blocks.'

Original article link

Source: Discover Exploration





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1676
Completed deals: 5108

Company Profiles

Current Company Profiles: 2627

Corporate Activity

Current Corporate Activity articles: 3196

Companies Looking

Current number of articles: 424

Company Sales

Current Company Sales articles:1323

Geostudies

Current Geostudies articles: 617

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

SLR Consulting logo
Geoespace
Lynx Information Systems
Bayphase
EP Consult Energies
energy365
Government of South Australia
Union Jack Oil 149
count geophysics
OPC
KL Publishing
RSK Logo 149
Rose & Assocs 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com