Project Profile
Location: Northeast of the Atora oil field, Gabon
The Etekamba permit is located approx. 25 km northeast of the Atora oil field. The main target of the well is the Gamba sandstone formation at an approximate depth of 1,500 m. This reservoir could be gas and/or oil. The Etekamba CEPP (Oil Exploration and Production Contract) was signed by Transworld on 29th January 2003. Maurel & Prom has participated in this permit on a farm-in basis since 21st December 2006. On 18th March 2008, Transworld sold all its entitlements to Maurel & Prom.
The characteristics of this contract in the event of a commercial discovery are as follows:
Operator: Maurel & Prom
Royalty: 6%
Cost stop: 70%
The 2012 exploration program in Gabon focused on two exploration wells (one of them being ETBIB-1) on the Etekamba permit as well as the acquisition of 2D seismic data at the Keri and Nyanga Mayombe committing approximately US$40 million. The ETGO-1D well, spudded on 14 March 2012 following the ETBIB-1 well on the Etekamba permit proved to be negative. The well was drilled to a final depth of 1,382 m.
The license expired in January 2013.
Operators:
Maurel & Prom: Operator with 100% interest