The African Energy Week (AEW) 2023 conference and exhibition, organized by the African Energy Chamber, is centred on facilitating investment across the entire African energy value chain. This year’s conference featured the inaugural African Farmout Forum, a dedicated investment platform spearheaded by financial services company Moyes & Co; global acquisition and divestment advisor Envoi; and oil and gas deal listing platform FarmoutAngel.
The Farmout Forum served as a premier platform to sign deals while gaining first-hand insight into emerging E&P opportunities in Africa. Mike Lakin, Managing Director of Envoi, kicked off the forum by stating, “We will have a major problem in the world if we are not drilling.” Presentations were delivered on various exploration opportunities.
PetroQuest is offering an investment opportunity for three blocks—PSA Blocks 131, 190, and 206—offshore Somalia. Somalia has only had two deepwater wells drilled to date. PetroQuest has 15,000 km² of seismic data; a new production sharing agreement has been set up, and the company is now looking for suitable partners.
Tower Resources: Cameroon
Representing a short-cycle opportunity, Tower Resources presented the Thali Block located in the Rio del Rey Basin in Cameroon. The appraisal well will be drilled next year, aiming to unlock the opportunity to drill three further wells. Tower Resources is targeting its first production in 2025.
Tower Resources: Namibia
In Namibia, Tower Resources offers an opportunity for blocks in the Northern Walvis and Dolphin Graben Basin. Wells have been drilled at the basin, but previous activities were conducted between 25 and 30 years ago. While the company is not ready to farm out yet, Tower Resources is looking at engaging with prospective companies.
Angolan company ProdOil is exploring onshore Angola in the Lower Congo Block. Awarded to ProdOil in a bid round closed in 2022, work is underway to reprocess 2D seismic data, and the company is looking for someone to take on the work commitment.
Atlas Oranto Petroleum International: Senegal
Atlas Oranto holds two licenses in Senegal, Cayar Shallow and St. Louis Shallow, adjacent. The company is seeking to farm down interest in those two licenses and believes that it is a beautiful opportunity. The licenses have been extended to 2026.
Atlas Oranto Petroleum International: Equatorial Guinea
Atlas Oranto is also offering an opportunity in Block P, Block EG-02, and Block EG-H in Equatorial Guinea. The Ministry of Mines and Hydrocarbons has already approved the development plan, and they believe it will have between 17 and 38 million barrels of oil in place. Licenses have been extended to 2026.
Atlas Oranto Petroleum International: Namibia
In Namibia, Atlas Oranto Petroleum has an exciting opportunity in PEL 106: Blocks 2011B and 2111A. Located in the Walvis Basin, the blocks have been extended with a nine-year exploration timeline. The company is selectively looking for partners to farm down and farm in.
DAJO Group: Nigeria
DAJO Group is offering a 40% working interest in OPL 322, offshore Nigeria. The block has two fields within it, the Bobo and Ago structures.
Sierra Leone License 202a
Awarded under the country’s fourth licensing round to Innoson Oil and Gas Ltd., the prospect comprises nine ‘whole’ blocks comprising 8,035km². There is a 2D seismic survey available, with wildcats having been drilled following data acquisition. There is an additional CPR report available for any company interested in the farm-in opportunity.
Kariya Energy: Nigeria
Kariya Energy is offering an opportunity offshore Nigeria in OML 109. Currently, there are two near-term prospects which have the same geology as neighbouring Ejulebe field. There is a CPR on the block which was completed in 2022. The central processing facility has been revamped, and the license has been extended to 2037.
Tetracore Group: Nigeria
In Nigeria’s OML 53, Tetracore Group is looking for a $50 million investment for Phase 1 of the field development to redevelop the marginal field. They have an early production plan and a lot of historical work.
Coastline Exploration: Somalia
Coastline Exploration holds interests in Blocks 129–130, 141, 143, 191, 192, 205, and 221 and has 2D seismic data on the area. The company is looking for a partner to part-fund a 3D seismic survey over some of the most prospective blocks.
Onshore Namibia, ReconAfrica has over six million acres, while in Botswana, it has it has over two million acres. The company has shot 27,000km of 2D seismic and they have 20 prospects and leads so far. They are approved to drill 12 prospects in the area and are going through basin modelling.
CoMiCo has an investment opportunity in the frontier Cuvette Centrale Block in the Democratic Republic of the Congo.
Africa Fortesa Corp: Senegal
Africa Fortesa Corp. is seeking partners for Sadiaratou and Diender Permits in Senegal. The company is looking for capital to hook up upcoming wells to markets. They have a right to deliver oil and gas directly to customers, making it an ideal investment opportunity.
Biogas Unit: Africa
Biogas Unite is developing a biogas project in Africa. The project comprises gas that is not immediately flammable and can easily be transported, making it ideal for domestic use. The company is looking for a $750,000 investment to upscale what they have and expand across Africa.
Further opportunities were provided in blocks in Guyana and Australia, with presenting companies including Eco Atlantic, Petro Australis Energy, and Liberty.
In addition to company presentations, insight was provided into the DRC’s ongoing licensing round. Blocks are on offer in the Cuvette Centrale Basin, Albertine Graben Basin, and Lake Tanganyika Basin, with deadlines for submissions of interest in January 2024, October 2023, and September 2023, respectively.
With the opportunities on the table, the African Farmout Forum provided attendees with the chance to join exciting new plays, thereby opening up new basins across the continent.
#AEW2023 takes place this week in Cape Town under a mandate to make energy poverty history by 2030.