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Offshore exploration licence in the Rio Muni Basin. The licence area contains confirmed discoveries that are also surrounded by several structures with potential for further discoveries.
The licence area is close to the mainland in the Rio Muni Basin, which contains confirmed discoveries such as the oil-rich Ceiba Field and fields in Block G. These fields, located about 50 kilometres south, have reserves of about 500 million barrels of oil. In the Venus field in Block P, sand reservoirs like those in the Ceiba Field and fields in Block G have been identified and verified. Previous exploration drilling has also indicated potential for oil deposits in the area surrounding the Venus Field. Block P has proven oil discoveries and is therefore in the later phase of Crown Energy’s business model.
The best estimate of the combined total prospective resources for these structures is around 150 million barrels of oil, all of which lie within the PDA.
The licence operator continues to conduct technical operations within the licence and the Company is still waiting for a formal announcement on the defined plans for 2018 and beyond. Crown Energy has not incurred any costs for the licence during the periods of inactivity aside from the costs of time spent on discussions and analyses of the current situation.
License: Block P (PDA), Equatorial Guinea
Operator: GE Petrol
Share (working interest): 5%
Other partners: GE Petrol (58.4%), Atlas Petroleum (5.6%) och Vaalco Energy Inc (31%)
Block P (PDA), Equatorial Guinea
Gross contigent resources 2C (mmboe)
Gross prospective resources (mmboe)
Total resources mmboe
Net WI (mmboe)
Crown Energy's working interest (WI) is 5%.
All resources in mmboe (Million Barrels of Oil Equivalents). Crown Energy calculates reserves and resources according to Society of Petroleum Engineers Petroleum Resources Management System of 2007.