Newly-launched sub-Saharan Africa focused oil and gas explorer Discover Exploration issued a statement Monday in which it outlined its strategy.
Discover said that it plans to participate in exploration and appraisal programs that focus on deepwater petroleum systems within young, emerging basins that have been de-risked through 2D and 3D seismic analysis. It will also, where appropriate, participate in multi-well drilling programs through farm-ins, farm-outs and acquisitions.
Discover's directors include the former Cove Energy management team. Cove, which was focused on Mozambique's Rovuma Basin, was acquired by Thailand's PTT Exploration and Production last summer after a hard-fought takeover battle that also involved Royal Dutch Shell.
The firm has already signed a production sharing contract (PSC) offshore Comoros Islands. The PSC license area is located over the outboard part of the Rovuma Delta, near to major gas discoveries by Anadarko Petroleum Corporation and ENI offshore northern Mozambique.
The initial work program for the PSC will see the firm acquire further 2D seismic data to that already acquired over the 6,900-square mile area. Discover holds a 60-percent stake in the PSC.
Discover CEO John Craven commented in a statement:
"I am very pleased to introduce Discover Exploration and its strategy, core to which is utilising the strong geo-technical expertise, industry contacts and successful track record of our board and management team to identify frontier oil and gas prospects, as we build a balanced portfolio of assets.
"The signature of this strategic PSC with the Government of the Union of the Comoros and Bahari Resources, covering the seaward section of the Rovuma Delta and bordering the highly prospective offshore Mozambique hydrocarbon province, presents a unique opportunity given its geographical and geological position."
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