Partners in Nigeria’s OML 127 and 130 continue to work on conversion to new terms – with success potentially triggering approval for the Preowei discovery.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Lukas Lundin, of the Lundin Group, has died at the age of 64 after a two-year struggle with brain cancer.
Eco Atlantic Oil & Gas has struck a deal to buy another 6.25% stake in a South African block, while also raising $12.3 million.
Exploration is back, emissaries of some of the world’s top oil companies have said, with Africa in a strong position to meet new demand.
TotalEnergies is in the process of securing a rig to drill up to nine development wells, and two exploration/appraisal wells on Nigeria’s OML 130, Africa Oil has said.
Eco Atlantic Oil & Gas has put $20 million into escrow for its share of drilling expenses on the Gazania-1 well, on Block 2B offshore South Africa.
TotalEnergies has spudded the Venus-1X exploration well offshore Namibia, in Block 2913B.
Exploration companies big and small are warming up for a busy next 12 months – although some have warned this may be the last such push in the energy industry.
Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Tullow Oil has declared force majeure at its site in northern Kenya, putting plans to sanction the project this year in jeopardy.
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
Africa Energy has signed farm-out agreements on Block 2B offshore South Africa, with Panoro Energy and Azinam.
Africa Oil has received its first dividend from its recently acquired Nigerian assets and has directed the cash to pay down a loan.
Petrobras has concluded the sale of its 50% stake in Petrobras Oil & Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.
Equatorial Guinea has preliminarily awarded nine blocks in its EGRonda 2019 licence round, announcing the results at the Gas Exporting Countries Forum (GECF) under way this week in Malabo.
Africa Oil will go it alone in the acquisition of stakes in major fields offshore Nigeria after its partners, Delonex Energy and Vitol Investment Partnership, both withdrew.
Africa Oil said it has been given approval by the Kenyan government for its farm in with Maersk Oil. The company said the move means completion of the farm out of blocks 10BB, 13T and 10BA can now proceed.
Maersk Oil has strengthened its African portfolio with new licenses and acreage in Kenya and Ethiopia in a deal worth up to $845million.