New Age seeking farm-out partner for South Africa block

first_imgOil and gas operator New Age Energy is seeking a farm-out partner for its Algoa-Gamtoos license offshore South Africa.New Age is the operator of the block with a 50 percent ownership, with Rift Petroleum – a subsidiary of Tower Resources – owning the remaining 50 percent.Tower Resources on Friday said New Age Energy had engaged Envoi Limited to conduct a farm-out process on behalf of both New Age and Rift to seek a partner for a material share of the license working interest, in return for funding a further 3D seismic survey over a portion of the Licence area.The new 3D seismic survey would focus on the Gamtoos basin and/or the South Outeniqua basin, the latter being part of the slope margin play being targeted by Total, Exxon and Equinor in adjacent acreage.Any prospects identified and high-graded during the processing and interpretation of the new 3D dataset could ultimately lead to a well being drilled in the 3rd Renewal Period, presently due to end in December 2023.According to Envoi, hired to carry out the farm-out process, the 9,369 km2 acreage straddles the Algoa and Gamtoos Basins, positioned at the eastern end of a series of en-echelon petroleum basins on the southern shelf margin of South Africa, which developed during the Jurassic break-up and separation of southern Africa from the Falkland Plateau of South America.Envoi said: “Recent geological reviews have shown that the true hydrocarbon prospectivity of the area has been largely unexplored by the drill bit, as historical wells were located using old 2D data and did not intersect valid closure or encountered only modestly developed reservoir sands at the fringes of the main depocentres.“Many of these old wells drilled in both the Algoa and Gamtoos Basins, however, either had shows, residual hydrocarbons and/or penetrated and confirmed three mature, wet gas to oil-prone shale source sequences of up to 4% TOC. Two of these source units lie within the Jurassic Early Syn-Rift fill and one within the subsequent Cretaceous Rift-Drift succession. Independent modelling confirms they are mature in both central basin play areas.”Envoi has said that modern 3D seismic led exploration is now required to accurately map and unlock the newly defined leads offshore.Per Envoi, the five primary leads alone are estimated capable of containing a combined ‘mean’ potential of 1.4+ billion bbls STOIIP (an upside of over 2 Billion STOIIP) and several hundred million barrels of recoverable resources in the three undrilled plays to be refined by new data.“The NewAge operated Group would now like to find a partner(s) interested in earning up to 50% of their combined 100% interest by contributing to past costs and funding a new 3D seismic survey before the current 1st Renewable Period of the Licence expires in August 2019 (estimated likely to cost US$ 7 million gross). The new partner will also have the option to earn additional interest by further contributions to an exploration well in the subsequent Licence Period,” Envoi has said.Offshore Energy Today Stafflast_img read more

Syracuse football recruiting: 2016 DE Jamal Holloway decommits from SU

first_img Published on January 27, 2016 at 6:27 pm Contact Paul: pmschwed@syr.edu | @pschweds Class of 2016 defensive end Jamal Holloway has decommitted from Syracuse, he announced in a tweet on Wednesday. He’s the 11th player to leave the Orange’s 2016 class since head coach Dino Babers was hired on Dec. 5.SU’s class is now down to 22 pledges, which includes three defensive ends — Joshua Black, Jaquwan Nelson, Kendall Coleman — with one week until National Signing Day. All three chose Syracuse in the past two weeks after previously being committed to other schools. Facebook Twitter Google+ AdvertisementThis is placeholder textThe 6-foot-3, 215-pound Holloway is ranked with three stars and as the 52nd best weak-side defensive end in the 2016 class. He’s also the second player from Camden (New Jersey) High School to decommit from SU’s 2016 class, joining outside linebacker Dymelle Parker.Holloway initially chose Syracuse on July 28. Only four players that committed to former head coach Scott Shafer’s staff remain in the 2016 class: early enrollees Moe Neal (RB/WR), Rex Culpepper (QB), as well as offensive lineman Sam Heckel and safety Scoop Bradshaw. Comments Related Stories Syracuse football recruiting: Defensive end Jamal Holloway joins Class of 2016Syracuse football recruiting: Former Illinois commit Joshua Black becomes 4th defensive end in SU’s 2016 classSyracuse football recruiting: Jaquwan Nelson becomes 3rd defensive end in 2016 classSyracuse football recruiting: 3-star 2016 DE Kendall Coleman flips commitment from Western Michigan to SyracuseSyracuse football recruiting: 2016 LB Dymelle Parker becomes 3rd player to decommit since Dino Babers hiringlast_img read more