Blocks EG-18 and EG-31 Republic of Equatorial Guinea
In February 2023 the Company, through its wholly owned subsidiaries Africa Oil Alpha B.V and Africa Oil Beta B.V., entered into two new PSCs for Offshore Blocks EG-18 and EG-31 in the Republic of Equatorial Guinea.
The Company holds 80% operated interests in each block, with the balance to be held by GEPetrol, the national oil company of Equatorial Guinea. GEPetrol can acquire an additional 15% participating interest in each block. GEPetrol is carried during the exploration phase.
Block EG-31
From the existing data, the Company has already identified several potential gas-prone prospects in shallow water depths of less than 80 meters and close to existing infrastructure, including the offshore Alba gas field and the onshore Punta Europa Liquefied Natural Gas Terminal.
Operated Interest
Block EG-18
From the existing data set the Company has already identified a potentially large and highly prospective basin floor fan prospect of Cretaceous age that is similar to those within the Company’s exploration portfolio in Namibia and South Africa and will continue to work this prospect as part of the initial exploration phase.
