Project Profile
Value: US$71 million (exploration program)
Location: Rio Del Rey Basin in South West Cameroon
Reserves: Unknown
Start-up Year: -
Area: 390 km2
Bakassi West block is situated in the Rio Del Rey Basin in South West Cameroon, adjoining the border of Nigeria on the southern margin of the Niger Delta and covering an area of almost 390 km2. The PSC gives Dana Petroleum access to prospective, shallow water exploration acreage in a new country in West Africa, supporting our ambition to become a leading international oil and gas company in Europe, Africa and The Middle East. In a deal which extends our existing position in Africa, Dana will be the Operator (55%), working in partnership with Madison Cameroon Oil and Gas Limited (35%) and SoftRock Oil and Gas Limited (10%).
The work programme will begin almost immediately with data gathering and geological studies. Dana will conduct a seismic acquisition programme in 2013 and 2014, and expect to drill the first well by 2015. The initial exploration work programme, with an estimated investment of US$31 million, will last four years with the acquisition, processing and interpretation of 250km of 2D seismic data, and the drilling of two exploration wells - the second well contingent on the results of the first. Depending on the results obtained during the first period, this programme could be extended to two further periods of two years each. These supplementary periods would include the acquisition and processing of 100km of 2D seismic data and the drilling of at least one exploration well per period. The total minimum investment for all three periods of eight years’ duration is US$71 million.
Operators:
Dana Petroleum: Operator with 65% interest
Madison Cameroon Oil and Gas Limited (SDX Energy) The 1st exploration period expired on June 14, 2016 at which point the Company decided not to enter into the 2nd phase exploration period and exit the block : 35% interest
SoftRock Oil and Gas Limited: 10% interest