Project Profile
Value: US$60 million
Location: Mauritania-Senegal-Guinea-Bissau (MSGB) basin, Gambia
Area: 2,682 square km
Water depth: 600-1,000 m
Oil Reserves: 1.1 billion barrels (Samo - 825 million barrels, Bamboo - 333 million barrels)
The two exploration blocks are located in the highly prospective West African Transform Margin, home to several recent major discoveries in Ghana (Jubilee, Odum) and Sierra Leone (Venus, Mercury). In addition, in 1979 Chevron drilled the Jammah-1 well on the basis of sparse 2D data in block A2. The well had gas shows, thereby establishing the presence of hydrocarbons in the area. More recently, extensive 3D seismic shot on the two Gambian blocks A1 and A4, immediately west of the blocks A2 and A5, has revealed a number of material prospects and leads. One of the prospects, the Alhamdulilah prospect, has potential mean unrisked resources of approximately 500 million barrels.
The Gambia National Petroleum Company has the right to elect to participate up to a 15% interest, following approval of a development and production plan. Erin Energy is responsible for all expenditures prior to such approval even if the GNPC elects to participate. During the initial four year exploration phase, Erin Energy will conduct surveys, acquire and interpret 2D and 3D seismic data, identify prospects for future drilling and drill one exploration well on each of the blocks.
Operator:
FAR Ltd.: 40% interest
Petronas: 40% interest
Erin Energy (previously CAMAC Energy): 20% interest
Contractors:
Polarcus Limited: Contract for the acquisition of a 3D seismic survey offshore Gambia. The survey will cover approximately 1,504 sq km.