Woodside acquires exploration acreage in Gabon

8/11/2014

Woodside acquires exploration acreage in Gabon

PERTH, Australia -- Woodside reported that it has acquired a 40% participating interest in an exploration, exploitation and production sharing contract (EEPSC) for Block F15 in the Gabon Coastal Basin.

Block F15 is located 140 kms off the south-western coast of Gabon and covers over 2,700 sq km. Water depths range from 2,300 to 3,000 m.

Noble Energy has a 60% participating interest in the EEPSC and will be the Operator. The EEPSC has a seismic commitment and option for future drilling.

Woodside CEO Peter Coleman said the EEPSC was an opportunity for Woodside to secure significant acreage in a high graded emerging oil-prone province with a like-minded and experienced partner.

“This is yet another exciting opportunity for us in Africa, building on recent acquisitions in Tanzania and Morocco,” Mr Coleman said.

“Once again, this opportunity reflects our disciplined and strategic approach to studying regional petroleum systems and is a good fit for our core capabilities in deepwater exploration.”

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