Gondwana Oil Corp has been given the go-ahead to negotiate exclusively on the Offshore Cape Three Points South Block, off the coast in Ghana, West Africa
Following a review of its application, the Ghana’s Ministry of Energy and Petroleum has welcomed Gondwana as well as its Ghanaian subsidiary, Miura Petroleum Limited, to negotiate exclusively on the Block.
The block’s current output is more than 110,000 barrels of oil per day (bpd).
Exploration and development drilling offshore Ghana has achieved an unprecedented 72 per cent exploration success rate and 63 per cent commercial success rate.
The Offshore Cape Three Points South Block, situated in the Tano Basin 30kms from Jubilee, is one of the most important and prospective blocks in the West African Transform Margin.
“The company and its strong and experienced technical team, as well as its local partners, look forward to rapidly commencing exclusive negotiations in Ghana,’’Gondwana said.
Gondwana stated that the Jubilee discovery has caused a staking rush up and down the coast of West Africa as large oil companies and entrepreneurial energy explorers seek the next major elephant-sized discovery.