Project Profile
Location: 50 km off the southern coast of Gabon
Water Depth: 100-3,200 m
Area: 9,100 sq km
Diaba License G4-223 covers an area of approx. 9,100 sq kms and is located about 50 kms off the southern coast of Gabon in water depths between 100 and 3,200 metres. In addition to Total Gabon, which serves as operator, the partners in the Diaba license and permit are CIE Gabon Diaba Ltd (21.25% interest), an affiliate of Cobalt International Energy, and the Republic of Gabon (15% interest). Marathon Oil through its subsidiary Marathon Upstream Gabon has entered into a farmout agreement with Total Gabon (operator with a 63.75% interest) for a 21.25 percent working interest in the Diaba License G4-223 and its related permit in Gabon with an effective date of June 15, 2012.
The companies expect to close the transaction, subject to completion of the necessary Gabonese government and partner approvals, in the third quarter of 2012. A 6,000-sq-km 3D seismic survey of the permit was conducted in 2010, following 2D seismic work in 2008 and 2009. Processing of the Diaba seismic data was completed in late 2011.
Operators:
Total Gabon: Operator with 42.50% interest
Marathon Oil: 21.25% interest
Cobalt International Energy: 21.25% interest
Republic of Gabon: 15% interest