Oryx Petroleum has acquired an 85% interest in the AGC Central licence, located in the joint development offshore area between Senegal and Guinea Bissau (AGC).
The company has signed a new PSC for its stake in the licence, which covers 3,150km² in water depths ranging from 100m to 1,500m.
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The licence area was previously included in the AGC Profond licence area, with operators focusing activities on the deepwater parts.
Oryx will operate the licence area with an 85% participating interest, while the rest of the stake will be held by L’Entreprise AGC.
L’Entreprise AGC’s share of the costs will be carried via exploration and the company will have a back-in right for a further 5%, paying interest in the licence after commercial discoveries.
The initial three-year exploration phase includes the acquisition of 750km² of 3D seismic data.
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By GlobalDataOryx Petroleum chief executive officer Michael Ebsary said: "We are excited about expanding our presence in the AGC. The low cost addition of a new play type, one that others are pursuing in Senegal with some recent success, gives us another way to succeed in the AGC. We aim to build a substantial business in the region."
Oryx found a carbonate edge play type with potential Cretaceous clastic / carbonate structures, based on available technical data.
The company said the play type is similar to plays being undertaken in Senegal by other industry participants.
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