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CNOOC gains major stake off West Africa

March 30, 2017

China National Offshore Oil Corp. (CNOOC) has reached an agreement with Impact Oil and Gas to farm-in with a 65% stake in the AGC Profond block located in the offshore joint development zone between Senegal and Guinea-Bissau.

AGC Profond covers approximately 6700sq km, in water depths ranging from 1400-3700m. It is located west of the Dome Flore and Dome Gea oil accumulations and to the south of the recent Fan-1 and SNE-1 and 2 oil discoveries.

Impact was awarded the license in October 2014, commencing its technical evaluation of the permit with the purchase of legacy 2D and 3D seismic data in November 2014. It comprised of approximately 3990sg km 3D and 4739km of 2D seismic.

Prospectivity has been identified at various stratigraphic levels, from the Cretaceous deep-water clastics in the west of the license, to the Jurassic and Cretaceous platform margin plays in the east, similar to the recent discoveries by Cairn.

Previously, Impact had agreed to farm-out AGC Profond to Woodside Energy, but the agreement was terminated on 9th February 2017, as certain conditions precedent to completion had not been satisfied.

Mike Doherty, executive chairman of Impact said, We are very excited about the potential of the block given its location and proximity to a number of recent discoveries by Cairn and Kosmos and are confident that CNOOC group’s technical and financial strength and the knowledge that it has in the conjugate basins of the Atlantic Margins will bring substantial value to the partnership.”

The participating interests in the AGC Profond license following completion of the farm-in by CNOOC includes CNOOC (65%, operator), Entreprise AGC SA (15%), and Impact (20%).



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