Project Profile
Value: Undisclosed
Location: Mourdi Basin (a sub-basin of the Kufra Basin) and southern portion of the Mesaha Basin, northwestern Sudan, borders with Egypt and Libya, North Sudan
Reserves: 1 billion barrels
Production: Unknown
Area: 100,000 sq km
Start-up Year: -
Statesman, via its subsidiary Statesman Africa Limited, was award of a 75% working interest and Operator-ship in Block 14 Exploration & Production Sharing Agreement with the Government of the Republic of the Sudan. This is a result of Statesman’s successful participation in the recent Sudan International Onshore/Offshore Bid Round. Express Petroleum & Gas Company Ltd has been awarded a 15% participating interest and The Sudan National Petroleum Corporation (Sudapet) has a 10% carried interest in the EPSA. Block 14 hosts the Mourdi Basin (a sub-basin of the Kufra Basin) and southern portion of the Mesaha Basin. Block 14 is situated in the remote and uninhabited northwestern corner of Sudan, directly adjacent to its borders with Egypt and Libya and covers 100,000 sq km. Block 14 could have a gross unrisked total prospective resource of 1 billion barrels.
Agri Energy picked up a 49.9% stake in Statesman Africa. Statesman holds a 75% working interest in the block. Agri will pay a nominal consideration for the state in Statesman Africa, which is a wholly-owned subsidiary of Statesman Resources Ltd. Agri will also fund 49.9% of share of costs of Statesman’s activities, including but not limited to the work program for Block 14. The minimum expenditure over the three-year term of the exploration production sharing agreement for Block 14 is US$12 million. Agri has advanced Statesman US$800,000 as interim funding and to form part of its overall funding obligations upon completion of the transaction. Agri will pay a nominal consideration for the state in Statesman Africa, which is a wholly-owned subsidiary of Statesman Resources Ltd. Agri will also fund 49.9% of share of costs of Statesman’s activities, including but not limited to the work program for Block 14. Block 14 is still in the early stages of exploration. Previous exploration on Block 14 includes around 1,200 km (13 lines) of 2D seismic plus microbial, geochemical gravity and magnetic surveys. The acquired seismic suggests a good structural environment for the presence of reservoir strata with good potential for traps and seals. Statesman is currently reviewing the lead inventory and preparing a high resolution gravity and 2D seismic acquisition program to upgrade the highest ranked leads.
Operators:
Statesman Africa Limited: Operator with 75% interest (joint venture of Agri Energy with 49.9% stake and Statesman Resources Limited with 50.1% stake)
Sudan National Petroleum Corporation (Sudapet): 10% interest
Express Petroleum & Gas Company Ltd: 15% interest