Ann: Guinea-Bissau licence update, page-55

CNOOC Ltd enters West Africa block
Chinese giant takes operatorship of acreage off Senegal and Guinea-Bissau in deal with Impact
Eoin O'Cinneide
29 Mar 2017 07:25 GMT   Updated 29 Mar 2017 12:38 GMT
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China’s CNOOC Ltd has taken an operated stake in a deep-water block off West Africa where Australian player Woodside Petroleum last year initially farmed in before backing out of the deal.
Offshoot CNOOC UK has landed the 65% stake in the AGC Profond block in the joint development zone between Senegal and Guinea-Bissau from private player Impact Oil & Gas.

Woodside picks up African acreage

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Early last year Woodside had agreed to take the 65% stake in the 6700-square-kilometre tract, where water depths range from 1400 to 3700 metres. However, the deal came to nothing.
CNOOC Ltd will now operate the blocks, with Impact on 20% and Enterprise AGC, a company owned by the states of Senegal and Guinea-Bissau, on 15%.
AGC Profond sits south of the Fan-1 and SNE oil discoveries off Senegal, as well as west of the Dome Flore and Dome Gea oil accumulations.
Impact chairman Mike Doherty said: “We are very excited about the potential of the block given its location and proximity to a number of recent discoveries by Cairn and Kosmos and are confident that CNOOC Group’s technical and financial strength and the knowledge that it has in the conjugate basins of the Atlantic Margins will bring substantial value to the partnership.
“Impact continues to deliver on its strategy of building an attractive group of exploration assets and securing major oil companies as partners.”
The Mauritania-Senegambia-Guinea-Bissau-Conakry (MSGBC) basin has become a hotbed of activity of late, with discoveries, exploraiton work, seismic shoots and asset deals.
Earlier this week Australian junior FAR Ltd took an 80% stake and operatorship in blocks A2 and A5 off Gambia after a farm-in deal with Erin Energy.

Impact nets offshore Africa block

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Also this week UK independent Cairn Energy revealed another oil discovery at the Vega-Regulus (VR-1) well on the SNE field off Senegal. Cairn currently estimates SNE’s contingent recoverable reserves at about 470 million barrels of about 2.7 billion barrels in place.
Late last week US independent Kosmos spud a wildcat on the Yakaar prospect in the Cayar Offshore Profond block off Senegal. It is the first in a four-well drilling programme for Kosmos and partner BP off Senegal and Mauritania, targeting potential resources of up to 15 billion barrels of oil quivalent.