Harvest Natural Resources moves ahead with development offshore Gabon

7/24/2014

Harvest Natural Resources moves ahead with development offshore Gabon

HOUSTON -- Harvest Natural Resources has signed a declaration of commerciality (DOC) with the Gabonese Republic pertaining to the Dussafu Block offshore Gabon.  Furthermore, on July 17, 2014, Gabon awarded an exclusive exploitation authorization (EEA) for the development and exploitation of oil discoveries on the Dussafu Block.

The EEA provides for exploitation of the pre-salt oil discoveries on the Ruche (2011), Tortue (2013), Moubenga (1981) and Walt Whitman (1996) prospects.  These discoveries will be named, respectively, Ruche A, Ruche B, Ruche C and Ruche D, and collectively will be called the Ruche field. 

The area awarded by the EEA covers 850.5 sq km, which is the equivalent area of 36.5 offshore blocks in the Gulf of Mexico.  The proposed field development plan (FDP) includes a single FPSO and subsea wells which will be tied back to the FPSO.  Once installed, the production infrastructure should allow for rapid and economic development of the full potential in the Ruche field that will be appraised as part of the exploitation plan.  Harvest will submit the proposed FDP within the next 90 days for sanction by Gabon.

Harvest President & CEO, James A. Edmiston, said, "The award of the EEA is a major milestone toward bringing the Dussafu Block into production.  In addition, the area of the EEA should enable an efficient exploitation of the numerous defined undrilled structures immediately adjacent to all four discoveries and, as such, we expect the recoverable resources within the EEA to grow considerably in the coming years."

Harvest holds a 66.667% interest in the Dussafu Block through its wholly-owned subsidiary, Harvest Dussafu, B.V., and Panoro Energy ASA holds a 33.333% interest.

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