Sierra Leone formally approves ultra-deepwater offshore license award

Offshore staff

GIBRALTARMinexco and Signet Petroleum have formally executed a petroleum license with the Petroleum Directorate of Sierra Leone for offshore block SL7A-10.

The award was ratified by the Sierra Leone Parliament in Freetown last month.

Minexco is operator of the block with a 90% interest, the remainder held by Signet. The block covers 3,490 sq km (1,521 sq mi) in water depths of up to 3,000 m (9,842 ft).

The exploration program will target deepwater turbidite channel plays considered to have similar potential to Anadarko’s Mercury, Jupiter, and Venus discoveries in adjacent block 7B-11.

The partners plan to license all available 2D and 3D seismic data and acquire additional 2D and 3D data as part of the work program.

10/22/2012

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