Primera has executed a Production Sharing Contract (the "PSC") with the Government of India for onshore Block CB-ONN-2005/11 (the "Block"). The Block comprises approximately 257 Sq. Km. in the Cambay basin located in the western state of Gujarat. The Cambay basin has been actively explored for oil and gas for the last 50 years, with approximately 100 oil and gas fields being discovered, including the giant Ankleshwar and Gandhar fields.
The total hydrocarbon generated by the source rocks of north and south Cambay basin petroleum systems are estimated to be 197 billion barrels of oil ("BBO") and 189 BBO respectively, totaling 386 BBO. Total in-place reserves of the Cambay basin, including the Gulf area, is approximately 9.7 BBO.
The initial participating interests on the Block are as follows:
The Block will be jointly operated by Quest Petroleum Pvt. Ltd., Quippo Oil & Gas Infrastructure Ltd. and Primera, with Quest Petroleum Pvt. Ltd. being the lead operator. Quippo Oil & Gas Infrastructure Ltd. ("Quippo") has agreed to pay all costs with respect to the 10% working interest held by Primera during the first 12 months of the PSC. It is expected that this cost carry for the benefit of Primera will be adequate for completion of the geological and geophysical assessment of the Block. After the 12 month period Primera has the option to participate in the Block by paying its share of the costs to date to Quippo, with interest.
The first exploration phase is for a period of 4 years and comprises the following Work Obligations:
The Corporation is pleased to obtain an interest in the Block with no initial outlay of capital, and is excited to partner with these well established and highly respected companies in India.
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