SOCO International and PA Resources Congo SA enter into farm-in deal for offshore Congo-Brazzaville permit

offshore congo-leonardo barbosa sxc.huThe deal will see SOCO International assume 60 per cent interest, and take over as operator of the permit. (Image source: Leonardo Barbosa/sxc.hu)SOCO International has announced that it has entered into a farm-in agreement with PA Resources Congo SA for the Mer Profonde Sud permit offshore Congo-Brazzaville

The African-focused energy explorer said that the permit excludes the Azurite field, which is operated by Murphy Oil Corporation.

The deal will see SOCO International assume 60 per cent interest and take over as operator of the permit. The company will also drill an exploration well that would test a structure identified from recent seismic data reprocessing and subsurface re-evaluation.

This well is expected to be in a different structural setting and play from other wells already drilled on the area, and would target similar reservoirs that produce from offsetting fields in the DR Congo and Angola, the company said.

Ed Story, chief executive of SOCO International, said, “As an established operator in Congo-Brazzaville, this is a natural step for us. Using our knowledge of the basin, and the additional work from PA Resources, we were able to recognise an untested prospect in a different structural setting from that already tested. The adjacent production from the same reservoirs as we are targeting adds to our optimism about the potential of this licence.”

Following the completion of the transaction, PA Resources Congo SA will own a 25 percent interest, while Congolese state oil company SNPC will retain its current 15 per cent stake.

 

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