The block, located in the Lower Congo Basin, is in shallow water adjacent to the coast with water depths ranging up to 110 meters and covers approximately 1,400 square kilometers. There has been previous exploration activity on the block resulting in four small oil discoveries, the largest of which has initial recoverable reserves estimated to be in the 30 to 60 million barrel range. A contract has been awarded to PGS Overseas AS for the acquisition of a 1,200 square kilometer 3D seismic program. The Ramform Explorer is expected to begin acquisition in early October.
The assignment of interests in the Agreement is subject to approval of the appropriate regulatory authorities of the Government of the Republic of Congo (Brazzaville).
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