Page 14 - AfrOil Week 09 2020

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NEWS IN BRIEF
AfrOil
The contract has an estimated duration of 21 days and is expected to commence in March 2020, in direct continuation of the rig’s current contract. The contract value is approximately $3.8m.
“We’re pleased to add this additional well, which firms up Maersk Discoverer’s schedule for 2020, meaning that the rig will have no idle time before moving to the Caribbean later this year,” says COO Morten Kelstrup of Maersk Drilling.
Maersk Discoverer is a DSS-21 column-sta- bilised dynamically positioned semi-submersi- ble drilling rig which was delivered in 2009. It is currently operating offshore Egypt. Following the completion of the additional Egyptian well, Maersk Discoverer will perform its scheduled Special Periodic Survey, after which the rig will move to Trinidad and Tobago.
Maersk Drilling, March 02 2020
EMGS receives Letter
of Intent for multi-client
pre-funding in Namibia
Electromagnetic Geoservices is pleased to announce that the Company has received a letter of intent with a minimum value of $3.6mn from an undisclosed customer on behalf of a JV block consortium, offshore Namibia. Under the terms of the pending data licensing agreement, a final survey option type and license fee is expected to be determined by the customer within end of Q1-2020.
Under the terms of the letter of intent, the customer will pre-fund a new multi-client CSEM data acquisition in the Walvis Basin using EMGS’s next generation DeepBlue, a deep- towed source developed under a joint industry project involving Shell and Equinor. In addition, EMGS will provide data processing, inversion with 3D Gauss-Newton and integrated inter- pretation services.
Subject to final contract exchange and regula- tory permits, including an environmental clear- ance certificate, survey acquisition is expected to commence between May 1 and August 1, 2020, using the vessel Atlantic Guardian.
CEO of EMGS, Bjørn Petter Lindhom com- ments: “We’re delighted to receive this letter of intent for a multi-client campaign in the Walvis Basin. Securing this additional commitment in Namibia also enables EMGS to convert an existing acquisition contract in Block 2113A, announced by EMGS in August 2019 with Nabirm Global LLC, from a vessel of opportu- nity with backstop, to a firm survey commitment in 2020. We continue to engage with customers with a view to further expand the planned data coverage to provide a first-class CSEM data- set extending between the Walvis and Orange
Basins, where several high impact, deep-water exploration wells are planned in 2020.”
EMGS, March 02 2020
Yinson Holdings’
Abigail-Joseph FPSO
has set sail for Nigeria
Yinson Holdings’s FPSO Abigail-Joseph today set sail from Singapore to the Anyala and Madu fields in Block OML 83 and 85 offshore Nige- ria, marking the successful completion of its conversion and life extension phase. The vessel is expected to reach Nigeria by early May, after which she will undergo final commissioning works.
Start-up of production is scheduled for end- May 2020. The vessel is chartered by client First Exploration and Petroleum Development Com- pany Ltd for a firm seven-year contract with options to extend.
The conversion of the vessel, which was car- ried out in Keppel Benoi Shipyard Singapore, was completed safely and on time within seven months. This is believed to be the world’s fastest delivery of a brownfield FPSO modification and upgrading project.
Commenting on the success of the fast-track conversion, Yinson’s Group CEO Lim Chern Yuan said that the redeployment strategy was proving to be a strong strategic decision. “We are pleased to report that this strategy has indeed allowed us to bring forward the project sched- ule, plus result in a more cost-effective solution for our client,” he said.
Yinson, February 26 2020
Zenith Energy negotiating for drilling rig in Congo
Zenith Energy, the international oil & gas pro- duction company, is pleased to announce that it is in advanced negotiations to contract a drilling rig to perform planned drilling operations in the Republic of the Congo.
As previously announced, Zenith has agreed to acquire an 80% interest in Anglo African Oil & Congo (“AAOG Congo”), which has a 56% majority interest in and is operator of the Tilapia oilfield in the Republic of the Congo, by way of a conditional share purchase agreement (SPA) with AIM quoted Anglo African Oil & Gas plc (AAOG). The SPA remains conditional on cer- tain regulatory requirements in the Republic of the Congo, including consent of the Minister of Hydrocarbons.
As announced on February 11, 2020, the Company has identified two suitable drilling rigs, both of which are in the proximity of the
License, thereby significantly reducing mobili- sation costs, to perform planned drilling oper- ations in the License. The Company can today confirm that it is in advanced negotiations to contract one of the aforementioned drilling rigs, which is currently being used by an inter- national oil major in a neighbouring oilfield and is expected to become available during the next 30 days.
Zenith intends to commence drilling opera- tions during April 2020 following Completion. Zenith Energy, February 26 2020
INVESTMENT
Tower Resources signs HoT
for farm-out of Thali PSC
offshore Cameroon
Tower Resources, the AIM-listed oil and gas company with its focus on Africa, has executed binding heads of terms (HoT) in respect of a farm-out to OilLR Pty Ltd of a 24.5% working interest in its Thali Production-Sharing Con- tract (PSC) in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon.
The key economic elements of the transac- tion set out in the HoT are: The farm-out cov- ers $7.5mn towards the cost of the NJOM-3 well that Tower is planning to drill on the Thali block; OilLR will receive a 24.5% working inter- est in the PSC, subject to an overriding royalty of 10% for Tower on the contractor share of production under the PSC; the well cost is cur- rently expected to be approximately $15-16mn, of which approximately $3mn has already been spent; each party will recover back costs actu- ally funded and recoverable under the PSC, pari passu; Tower will effectively contribute its non-recoverable costs in consideration of the 10% overriding royalty on the contractor share of production referred to above; costs in excess of $15mn, and future costs, will be funded pro-rata with respect to working interests.
Tower Resources Cameroon will remain Operator of the Thali PSC under an indus- try-standard joint operating agreement (JOA), and in the event the formal farm-in agreement and approvals cannot be completed in good time then OilLR will instead receive an appropriate share of the Operator’s share capital and Tower’s intercompany loans to the Operator, subject to a shareholder agreement, in order to reflect the intended farm-in economics and JOA terms.
Tower is still in discussion with several other parties regarding the farm-out of up to a further 24.5% interest in the Thali PSC on similar terms. Tower Resources, March 02 2020
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Week 09 04•March•2020