Europa Oil & Fuel (Holdings) PLC has obtained a 12-month extension to the preliminary two-year time period of the EG-08 exploration block from Equatorial Guinea’s hydrocarbons and mining improvement minister.
The block spans 731 sq. kilometers (282.24 sq. miles) within the Douala Basin within the waters of the Central African nation, in line with Europa. EG-08 lies adjoining to the north of Chevron Corp’s Alen and Anseng fields.
“The formalities to finalize the extension are ongoing and are anticipated to be accomplished within the coming days”, London-based Europa mentioned in an announcement on its web site.
- Advertisement -
“Because of the extension, the primary sub-period of part I of the PSC will expire on 4 October 2026”.
The extension “will present loads of time to finalize the farm-out course of for EG-08, the place we proceed to make good progress”, mentioned Europa chief government William Holland.
“Concurrently, the technical staff are engaged on detailed engineering plans for drilling the Barracuda prospect, which we hope to spud in 2026”.
On August 4, Europa mentioned it had “executed a non-binding heads of phrases with a number one power firm in regards to the farm-out of an curiosity within the EG-08 asset”.
EG-08 has imply potential assets of two.2 trillion cubic toes, with 878 billion cubic toes recognized from the first prospect, Barracuda, in line with Europa.
“EG-08 has three high-graded prospects which we assess to have related AVO [amplitude variation with offset] traits to the Alen and Aseng fields and different discoveries in Chevron’s Blocks O and I instantly to the south”, Europa says on its web site.
“The AVO story could be very compelling and, accordingly, we estimate the possibility of success is estimated at 60-70 % for the three prospects.
“Volumes throughout the three recognized prospects are estimated at imply potential assets of 1.3 TCFE (this determine consists of the fuel and liquids).
“Collectively, these three prospects when mixed present over a 90 % probability of discovering a business discovery and, as such, it is a high-quality, low-risk and high-reward asset in shallow water with modest properly prices.
“A profitable discovery in EG-08 may very well be developed shortly with potential offtake to Chevron’s close by Alen platform (9 kilometers), the place hydrocarbons will likely be processed, transshipped and exported by way of the Chevron infrastructure to an FPSO [floating production, storage and offloading vessel] to export liquids with fuel going through the Chevron pipeline to the Alba fuel plant facility on Bioko Island”.
Europa owns a 34.32 % stake in EG-08 through its 42.9 % possession in Antley World Ltd, which holds an 80 % working curiosity within the block, in line with Europa. Nationwide oil and fuel firm GEPetrol has the remaining 20 %.
To contact the creator, e mail jov.onsat@rigzone.com
What do you assume? We’d love to listen to from you, be part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all power professionals to Converse Up about our business, share data, join with friends and business insiders and interact in an expert neighborhood that can empower your profession in power.
