Vanco And Lukoil Sign New Agreement in Ghana
Vanco Ghana Ltd., a subsidiary of Houston-based independent Vanco Energy Co., and the government of the Republic of Ghana, the Ghana National Petroleum Corporation (GNPC), and Lukoil Overseas Ghana Ltd., signed a new petroleum agreement, covering the Cape Three Points Deepwater block.
The agreement replaces a prior agreement that expired at the end of April. The new agreement provides Vanco and Lukoil with the opportunity to continue the exploration of the area, during which new 3D seismic and additional drilling activities are planned. The new agreement also provides GNPC and the government of Ghana with significant commercial benefits, including higher royalty and increased participation. The new agreement also gives ownership of associated gas to Ghana.
The Cape Three Points Deepwater block is about 5,146 square kilometers in water depths ranging from 200 to 3,000 meters in the Tano Basin. Vanco is the operator and holds a 28.34% participating interest in the Cape Three Points Deepwater block. Lukoil holds a 56.66% participating interest. GNPC, the state oil company, holds a 15% carried interest, with the option to acquire up to an additional 5% in any commercial discovery.
The new agreement comes as the Aban Abraham deepwater drillship departs Cape Town, South Africa, after a retrofit to drill in water depths of up to 2,000 meters. The Aban Abraham will mobilize to Ghana to commence the Dzata-1 exploratory well.
The Dzata prospect, in 1,874 meters of water, is a large anticlinal structure with numerous upper and lower Cretaceous potential reservoir horizons and distinct direct hydrocarbon indicators, including flat spots, and a gas chimney. The well will be drilled to a total depth of some 4,786 meters, or 2,912 meters below the mud line.
“The Aban Abraham drilling unit is finally ready to drill this exciting prospect, where we are hopeful of a significant discovery,” says Gene Van Dyke, president of Vanco. “Vanco and Lukoil appreciate the assistance and support of GNPC and the ministry of energy in completing the new petroleum agreement, which will allow the partnership to continue the aggressive exploration of the Cape Three Points Deep Water block.”
Vanco Energy also has assets in Côte d’Ivoire, Ghana, Equatorial Guinea and the Ukrainian Black Sea.
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