The National Assembly of the Comoros, a sovereign archipelago island nation east of Mozambiue, Africa, has ratified a production sharing contract with Bahari Resources.
The PSC, covering offshore blocks 35, 36, and 37 (previously named blocks A, B, and C) was initially signed in March 2013.
The Comoros comprise an archipelago of islands in the Mozambique Channel of the Indian Ocean, between Madagascar and East Africa. The country borders Mozambique, Tanzania, the Seychelles, Madagascar and the Glorioso Islands.
Bahari’s PSC, which it holds in partnership with London-based Discover, covers an area of about 18,000sq km, is adjacent to Mozambique Areas 1 and 4, and is located in the western part of the Exclusive Economic Zone of the Comoros, where there have been recent discoveries of giant natural gas accumulations by Eni in Area 4 and Anadarko and its partners in Area 1, and in which the Discover management team were involved through their previous company, Cove Energy.
Existing 2D seismic data suggests the reservoir play fairway hosting these gas deposits extends in to the license area covered by the PSC, says Discover.
Discover is 60% stakeholder in the PSC, through its wholly-owned subsidiary Discover Exploration Comoros, alongside operator Bahari Resources, with 40%, and the Government of the Comoros.
The partnership is entering into a four-year exploration period and is due to start an extensive 2D in-fill seismic survey covering the PSC license area in Q2. Discover and Bahari will also invest in the training of local personnel and in local community development programs.
Peter Wakeling, Managing Director of Bahari Resources, said: “We believe that the Comoros could represent a highly prospective offshore frontier for oil and gas, given its proximity and geological similarity to the vast resources discovered in the nearby proven and prolific Rovuma Basin.”
John Craven, CEO of Discover, commented: “The approval of this strategic PSC by the National Assembly of the Comoros, signifies the start of the exploration program in our license area, covering the outboard part of the Rovuma Delta, bordering the highly prospective offshore Mozambique hydrocarbon province.”
Bahari Resources, formed in 2013, is a privately-owned oil and gas exploration company focused on Africa and the Comoros. It has financial and strategic backing from investors involved in the development of Ophir Energy.
Read more:
Mozambique Channel Discovery holds sole Comoros license, 10 December 2012
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