Tullow Oil PLC has reached an agreement with Discover Exploration Ltd. to farm in to Blocks 35, 36, and 37 offshore the Union of the Comoros in the Indian Ocean. Simultaneously, Discover agreed to acquire the entire issued share capital of Bahari Resources Ltd., its 40% joint venture partner in the Comoros PSC.
Following completion, which requires government approval, Tullow will operate the three blocks and hold a 35% working interest. Tullow will partly carry Discover for a 3D seismic survey planned for 2019 and for the first exploration well. Discover will hold a 65% non-operated working interest.
The blocks comprise an area of 16,063 sq km with a gross unrisked resource potential of up to 7 billion bbl of oil (+1.1 tcf of associated gas) in an oil case or 49 tcf of nonassociated gas (+2.3 billion bbl of condensate) in a gas case from two partly stacked prospects, Discover said.
Following ratification of the Comoros PSC in 2014, Discover and Bahari Resources acquired and interpreted circa 3,900 km of 2D seismic data and conducted a range of exploratory studies. Interpretation of the 2D seismic surveys, gravity and magnetic data, seep studies and regional studies identified many structural and stratigraphic traps in stacked Eocene and Cenomanian fans and basin modelling studies support a strong case for an oil charge in outer Rovuma delta.
