Saudi Arabia - joining the dots

A series of blog entries exploring Saudi Arabia's role in the oil markets with a brief look at the history of the royal family and politics that dictate and influence the Kingdom's oil policy

AIM - Assets In Market

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Iran negotiations - is the end nigh?

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Yemen: The Islamic Chessboard?

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Acquisition Criteria

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Valuation Series

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Showing posts with label Haute Mer. Show all posts
Showing posts with label Haute Mer. Show all posts

Monday 23 April 2018

Oryx farms down Congo asset: Haute Mer B


Oryx has entered into a farmout agreement with Total for its 30% interest in the Haute Mer B exploration licence offshore Congo (Brazzaville) for a cash consideration of USD8 million. Total has an existing 34.6% alongside Chevron (20.4%) and SNPC (15%).

The farmout is effective from 1st January - Total will reimburse for any costs incurred year-to-date, estimated to be c.USD5 million. The deal is anticipated to close before the end of June and is subject to the waiver of partner pre-emptive rights and government approval.

Two prospects and eight leads have been identified on Haute Mer B with unrisked prospective resources of 160mmbbl.
Oryx's remaining asset offshore Congo is a 20% participating interest in Haute Mer A, which is a deepwater exploration licence operated by CNOOC (45%). The other partners are CPC (20%) and SNPC (15%).