Discover Exploration has signed a binding farm in agreement to acquire a 25% working interest in a deep water exploration block offshore West Africa. The transaction is pending joint venture partner and governmental approvals.
The block is several thousands of square kilometers and located in a highly prospective oil prone region.
A prospect, AVO/EEI supported, has been mapped and is drill-ready. The gross mean unrisked prospective resources is in the hundreds of millions of barrels of oil.
The block is operated by a large oil and gas company with extensive deep-water drilling experience.