The 12/3/154 Tugela South Exploration Right lies in 1,800 m of water and covers 9,054 sq km.
The farmin “represents access into a frontier basin where we believe we see indications of an active petroleum system,” said Nick Maden, Statoil senior vice-president.
Operator ExxonMobil E&P South Africa Ltd. now has 40%, while Impact Africa Ltd. has 25%. ExxonMobil acquired the 75% stake in 2012.
Work commitments through 2017 include acquisition of 1,000 sq km of 3D seismic, and studies of geology and geophysics, but no wells (OGJ Online, Mar. 12, 2009).