Last $9.37 USD
Change Today +0.67 / 7.70%
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Company Description

Contact Info

920 Memorial City Way

Suite 100

Houston, TX 77024

United States

Phone: 713-579-9100

Fax:

he Diaman #1B exploration well was drilled to a total depth of 18,323 feet (5,585 meters), and encountered approximately 160 to 180 feet (50 to 55 meters) of net hydrocarbons in the objective pre-salt formations on the Diaba Block offshore Gabon. The company and its partners are conducting a full analysis of the Diaman #1B exploration well results to determine its future exploration and appraisal drilling activity on the Diaba Block. The company has a 21.25% non-operated working interest in the Diaman discovery. Its partners in the Diaman discovery include Total Gabon, S.A. (Total Gabon), as operator (42.5% working interest), Marathon Petroleum Corporation (21.25% working interest), and the Republic of Gabon (15% working interest). Leasehold Acreage As of December 31, 2013, the company owned working interests in 243 blocks within the deepwater U.S. Gulf of Mexico, representing approximately 1.4 million gross (0.7 million net) acres. Drilling Rigs In 2013, the company executed a drilling contract with Rowan Reliance Limited, an affiliate of Rowan Companies plc, for the Rowan Reliance, a new-build, ultra-deepwater dynamically positioned drillship that would support its U.S. Gulf of Mexico drilling campaign. The Rowan Reliance drillship would be capable of operating in water depths of up to 12,000 feet and drilling to measured depths of up to 40,000 feet. Strategic Relationship with TOTAL E&P USA INC. (Total) The company has a long-term alliance with Total in which, through a series of transactions, it combined its respective U.S. Gulf of Mexico exploration lease inventory (which excludes its Heidelberg project, its Shenandoah project, and all developed or producing properties held by Total in the U.S. Gulf of Mexico) through the exchange of a 40% interest in its leases for a 60% interest in Total's leases, resulting in a combined alliance portfolio covering 239 blocks. Licenses Block 9 offshore Angola: The company acquired its license to explore for, develop and produce oil from Block 9 offshore Angola by executing a risk services agreement (Block 9 RSA) with Sociedade National de Combustíveis de Angola—Empresa Pública (Sonangol). The Block 9 RSA governs the company’s 40% working interest in and operatorship of Block 9 offshore Angola and forms the basis of its exploration, development and production operations on this block. The Block 9 RSA provides for an initial exploration period of four years, which is scheduled to expire on March 1, 2014, and an optional exploration period of an additional three years. The company has applied for an extension of the exploration period for Block 9 to enable it to drill an exploration well on its Loengo prospect.Block 9 is approximately 1 million acres (4,000 square kilometers) in size or approximately 167 U.S. Gulf of Mexico blocks and is located immediately offshore in the southeastern-most portion of the Kwanza Basin. Water depth ranges from zero to approximately 3,200 feet (1,000 meters). Sonangol P&P, Nazaki, and Alper are also parties to the Block 9 RSA. Block 21 offshore Angola: The company acquired its license to explore for, develop and produce oil from Block 21 offshore Angola by executing a risk services agreement (Block 21 RSA) with Sonangol. The Block 21 RSA governs its 40% working interest in and operatorship of Block 21 offshore Angola and forms the basis of its exploration, development and production operations on this block. The Block 21 RSA provides for an initial exploration period of five years, which is scheduled to expire on March 1, 2015, and an optional exploration period of an additional three years. Block 21 is approximately 1.2 million acres (4,900 square kilometers) in size or approximately 200 U.S. Gulf of Mexico blocks. The block is 30 to 90 miles (50 to 140 kilometers) offshore in water depths of 1,300 to 5,900 feet (400 to 1,800 meters) in the central portion of the Kwanza Basin. The company is the operator of Blocks 9 and 21. Block 20 offshore Angola: The company acquired its license to explore for, develop and produce oil from Block 20 offshore Angola by executing a production sharing contract (the Block 20 PSC) with Sonang

 

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