Discover Exploration Ltd has signed a farm-in agreement to acquire a 25% working interest share of a deep-water exploration block, located offshore West Africa (undisclosed). The transaction is pending joint-venture partner and governmental approvals.
The block is several thousands of square kilometers and located in a highly prospective, oil prone region.
A prospect (AVO/EEI supported) has been mapped by the partnership and is drill-ready. The P-mean prospective resources is in the hundreds of millions of barrels of oil.
The work programme will consist of 1-2 exploration wells.
The block is operated by a large oil and gas company with extensive deep-water drilling experience.