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Wednesday, March 8, 2017
Oranto Petroleum signed an EPSA contract for acreage in South Sudan. The company will take a 90% stake and operatorship of Block B3. The company plans to invest $500 million to develop the block and will launch a comprehensive exploration campaign starting immediately.
The B3 area covers 25,150 sq km and has had some aeromagnetic and seismic data acquired on the acreage, but no wells drilled.
The block is thought to be highly prospective, with productive parts of the Muglad Basin to the northwest and estimated reserves in place of more than 3 billion barrels of oil. The block is categorized as low risk, high reward.
Under the EPSA, Oranto will be the technical operator and 90% shareholder of the block, with Nilepet holding a 10% stake.
The block was originally the 120,000 sq km Block B until split into thirds in 2012, making blocks B1, B2, and B3. According to Oranto, it plans to work alongside the other blocks’ partners, which include Total.
During the first three-year exploration period Oranto will complete a further airborne geophysical survey; acquire and process 2D seismic; and assess existing data held by the government and former operators.
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