Joint Development Zone
Detailed overview
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Block 1: a 40% working interest
September 2007: Addax Petroleum and Esso Exploration and Production Nigeria-São Tomé (One) Limited have entered into a sale and purchase agreement whereby Addax Petroleum has agreed to acquire Esso Exploration and Production Nigeria-São Tomé (One) Limited’s 40% working interest in Block 1. Completion of the sale and purchase agreement is subject to the approval of the Joint Development Authority of the JDZ.
- Block 1 is operated by Chevron, which holds a 45.9% working interest
- Block 1 is located approximately 300 km offshore Nigeria and it covers an area of 174,000 acres (704.5 km2). The water depth ranges from approximately 1,600 m to 1,900 m
- Directly west of JDZ Block 2 and directly north of JDZ Blocks 3 and 4, Block 1 contains the only well drilled to date in the JDZ (Obo-1), which encountered hydrocarbons when drilled in 2006
- There are no further exploration commitments on Block 1 during the current exploration period
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Block 2 – a 14.3% working interest
- March 2006: Participation Agreement signed with ERHC Energy Incorporated (“ERHC”)
- March 2006: Block 2 PSC signed with the JDA
- Sinopec designated as Operator pursuant to a Joint Operating Agreement
Block 2 covers an area of 171,300 acres (693.5 km2). The water depth ranges from approximately 1,300 m to 1,900 m. Seismic data acquired over Block 2 is presently being analyzed to delineate potential drilling locations.
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Block 3 – a 15% working interest
- February 2006: Participation Agreement signed with ERHC
- March 2006: Block 3 PSC signed with the JDA
- Anadarko designated as Operator pursuant to a Joint Operating Agreement
Block 3 covers an area of 164,700 acres (667 km2). The water depth ranges from approximately 1,700 m to 2,100 m. Seismic data acquired over Block 3 is presently being analyzed to delineate potential drilling locations.
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Block 4 – operatorship and a 45.5% working interest
- November 2005: Participation Agreement signed with ERHC
- March 2006: Block 4 PSC signed with the JDA
- April 2006: Addax Petroleum increases its participating interest to 38.3% by acquisition of 5% participation interest from Overt Ventures Ltd
- July 2007: Addax Petroleum commences arbitration proceedings against ERHC in respect an additional 9% assigned to the ERHC/Addax Petroleum under the Block 4 PSC, whereby Addax Petroleum is claiming entitlement to an additional 7.2% participating interest, subject to carried costs associated with the balance, being 1.8%
- July 2008: Addax Petroleum increases its participating interest to 45.5% by acquisition of 7.2% participation interest awarded by an independent arbitration tribunal
Block 4 covers an area of approximately 211,700 acres (857 km2). The water depth ranges from approximately 1,800 m to 2,200 m. Seismic data acquired over Block 4 is presently being analyzed to delineate potential drilling locations.