Project Profile
Value: Undisclosed
Location: northern portion of the Kwanza Basin, Offshore Angola
Area: 5,700 km2/ 1.4 million acres
Reserves: more than 800 MMbbl of oil
Start-up year: -
VAALCO’s Block 5, located in the northern portion of the basin, is situated to trap pre-salt hydrocarbons which may have migrated up-dip from the deeper part of the basin. Gross well costs for the two wells are estimated to be US$66 million, with potential recoverable reserve exposure in excess of 100 MMBO. VAALCO Angola (Kwanza), Inc. (“VAALCO”), currently holds a 40% Working Interest as Operator of the 5,700 km2/1.4 million acres, Block 5, offshore Angola, with Sonangol P&P holding 20% (carried through exploration). In 2015, VAALCO completed interpretation of its reprocessed 3D seismic data on the block. Initial analysis suggests the top four prospects/leads have combined recoverable resource potential of more than 800 MMbbl of oil.
Operators:
VAALCO Angola: Operator with 40% interest
Sonangol P&P: 20% interest
Other: 40% interest
Contractors:
Transocean: Drilling contract using the Transocean Celtic Sea semisubmersible