Tullow Oil is expected to start drilling imminently on its deepwater presalt Sputnik-1 prospect offshore Gabon. Tullow and its partner Perenco are expected to drill the prospect in the Arouwe Block in about 3,281 ft (1,000 m) of water during this quarter. The Falcon North-1 exploration well in the block was drilled in December 2010 and encountered noncommercial volumes of hydrocarbon. Arouwe is just to the south of Ophir Energy’s blocks.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Fortuna Resources CEO says company is doing just fine getting oil out.
Broad Oak Energy II sold for at least $400 million. Its assets include 25,000 net acres in Irion County, Texas, with 2017 production averaging nearly 10,300 boe/d.