Project Profile

Value: Undisclosed
Location: west of Bénin’s capital Cotonou, West Africa Transform Margin, onshore Benin
Reserves: unknown
Area: 4,590 sq km (approximately 1.1 million acres)
Start-up Year: -

Elephant is a privately held independent oil exploration company holding a 100% interest in the production-sharing contract (PSC) on Block B, onshore Benin, on the prolific West Africa Transform Margin. The block covers 4,500 km2, or approx. two-thirds of the coastal basin, and is one of only two onshore blocks to have been made available by the government of Benin. The Bénin onshore Block B is located in the Dahomey Embayment (Coastal Basin) and was acquired by Elephant Oil in 2013. The Block covers an area of 4,590 sq km (approximately 1.1 million acres) west of Bénin’s capital Cotonou continuing west to the Togo border.

Elephant has acquired a high-resolution aero gravity gradiometry survey, covering the entirety of Block B, performed by CGG (Fugro).  Fieldwork and geophysical interpretation have also been completed, resulting in the identification of subsurface leads.  Preparations are underway for a new 2D seismic acquisition programme that will be used to define a drillable prospect, for the first exploration well onshore in Benin. The company recently began the Environmental Impact Assessment (\'EIA\') covering the area of the forthcoming seismic survey. The EIA is a prerequisite to permitting the new seismic acquisition program, planned in 2016. In June 2015, Red Rock Resources entered into an option agreement with Elephant Oil. The Option if exercised requires Red Rock to subscribe for 1,086,956 new ordinary shares in Elephant. Further the Option if executed includes the right to invest additionally in to Elephant within a six month period.  

Prospects and Leads

Following the acquisition of the AGG (Aero Gravity Graviometry) survey and reprocessing of existing 2D seismic data certain prospects were defined and new leads were identified in the Bénin Block B. The main exploration focus currently lies in the centre of the block, where a number of robust and large structures are evident. The Allada structure, identified on legacy 2D seismic, is the largest of these. It is not clear at this stage how much new 2D seismic will be necessary to define drilling targets for the next contract stage.

Operators:

Elephant Oil Limited: Operator with 100% interest

Contractors:

CGG: High-resolution aero gravity gradiometry survey, covering the entirety of Block B