Press

Clontarf Energy - Award of Offshore Acreage in Equatorial Guinea

Posted by OilVoice Press - OilVoice

06-Jun-2017


 

The directors of Clontarf Energy (AIM: CLON) are pleased to announce that Clontarf Energy has been awarded Block 18 (EG-18) in the Equatorial Guinea 2017 Bid Round. 

Block 18 covers approximately 5,056 km2 of undrilled deep water acreage with several play types.  Clontarf Energy's focus will be on working on large structural and / or stratigraphic trap targets. 

The bid terms include Clontarf Energy with 70% of production interest, 65% oil cost recovery, a $150,000 signature bonus, standard commerciality and production bonuses, normal land taxes. 

The production royalty is a standard 13%, rising to 16% on production over 100,000 barrels of oil daily. 

The contractor interest starts at 80% through the first 40 million barrels of oil production, and falls according to a standard formula until output reaches 200 million barrels. 

The initial work programme is 3 years (extendible) to include seismic acquisition plus one well if drillable targets are identified.  The second sub-period is 2 years, with two allowable extensions of one year each accompanied by a work programme.

Profits tax is 35%. 

Director David Horgan commented:

"Clontarf has long been interested in Equatorial Guinea's deep-water potential, which is among some of the most prospective in West Africa.  EG-18 is part of the Northern Rio Muni Basin, which Clontarf has analysed.  Our initial interest is in diverse Cretaceous sands plays, particularly a distal fan and turbidite channels visible on historic seismic." 

"Until the 2017 Bid Round, Equatorial Guinea was largely perceived as the bailiwick of US majors and Chinese National Oil Corporations.  For the first time, the 2017 Bid Round sought new ideas and fresh approaches from the diverse community of oil independents, who have delivered so much elsewhere in West Africa". 

"The fine detail is expected to be finalised in early meetings scheduled with the Equatorial Guinea authorities."



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Clontarf EnergyEquatorial Guineaawards

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 2 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 6 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 10 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 10 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 10 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice