Noble Energy has joined a venture to explore the AGC Profound block located offshore Senegal and Guinea-Bissau in West Africa. The block, spanning more than 2 million acres in water depths of up to 11,500 feet (3,505 meters), is in a designated cooperation area between the two countries.
3D seismic covers nearly 45% of the block allowing the joint venture to identify several prospects and leads on the acreage. The first exploratory target the consortium plans to drill is the Kora prospect, situated in the northern part of the block approximately 65 miles (105 kilometers) offshore in a water depth of 8,600 feet (2,621 meters). The Kora prospect has a Cretaceous oil target with gross resources estimated at 450 million barrels of oil equivalent. Noble Energy estimates that the chance of success at Kora is about 20%.
Drilling will start in June 2011 utilizing the Maersk Deliverer semisub. Total well depth is 15,200 feet (4,633 meters) with results expected by the end of August 2011.
The AGC Profond block is an unexplored area believed to hold significant oil potential, stated Noble Energy. Ophir will operate the Kora-1 exploratory well, and in the event of a discovery, Noble will become operator for appraisal and development activities. Noble has a 30% working interest; Ophir has 36.7%; Rocksource AGC Profond AS has 12.5%; and FAR Ltd has 8.8%. L'Entreprise, the AGC state-owned entity, holds the remaining 12%.
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