The duo has completed a farm-in to license PL001, previously operated by Argos Resources, which covers an area of 1,126 sq km (435 sq mi).
Noble and Edison will respectively earn a 75% and 25% interest in the license at no cost to Argos, with the latter retaining an overriding royalty interest of 5% of gross production from any hydrocarbon discoveries developed within the license area.
This initial well fulfils the remaining work obligation on the license’s second exploration term.
A 3D seismic survey over the license in 2011 led to identification of 52 prospects and 40 leads holding potentially 3.1-10.4 Bbbl combined.
A Competent Persons Report in 2013 highlighted Rhea and Rhea Stack as stand-out targets.
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