Cameroon License Areas
In Cameroon, all our licenses are offshore exploration licenses.
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Ngosso
The Ngosso license area is located in the hydrocarbon prone Rio del Rey Basin, western offshore Cameroon. It lies adjacent to the shore in water depths of up to 8 m and it has similar operational and subsurface geological conditions to OML123 in Nigeria, which is located approximately 20 km to the west.
Description
- Covers an area of 117,100 acres (474 km2)
- Contains several hydrocarbon discoveries, but has not seen any exploration activities for some 20 years
In December 2002, Addax Petroleum signed an agreement with the Republic of Cameroon for the Ngosso license area. Addax Petroleum is the operator of the Ngosso license area, with a 60% interest.
A 213 km2 3D seismic acquisition was completed in early 2006, and Addax Petroleum performed detailed evaluation of the seismic data in 2007, identifying eight exploration prospects. Dredging work was undertaken in 2007 to prepare for the exploration drilling campaign on the Ngosso license area. The Corporation contracted for a shallow-draft drilling rig which started shallow water exploration drilling in early 2008.
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Iroko
The Iroko license area is located approximately 30 km offshore Cameroon where the water depth is approximately 40 m.
Description
- Covers an area of 3,890 acres (15.75 km2)
- Presently there are no wells drilled on Iroko but there is oil production nearby from the Pecten (Shell)-operated Mokoko-Abana filed complex.
In April 2008, Addax Petroleum signed a Production Sharing Contract (“PSC”) with the Republic of Cameroon, relating to the Iroko exploration license area. Under the PSC, Addax Petroleum acquired a 100% interest in the Iroko license area and is the operator. The Société Nationale des Hydrocarbures (“SNH”), the national oil company of Cameroon, holds a back-in right of 30% in case of a development. The Corporation aims to acquire 3D seismic data and drill one well on Iroko in 2008
For more information, please check our press release of April 3, 2008