It has been determined that the company will relinquish its interests in licenses SL-03-17
and SL-4A-17 with immediate effect. The relinquishment of the licences is a result of the
decision to not commit to an ultra-deepwater drilling programme and follows a period of
discussion with the Petroleum Directorate of Sierra Leone, during which the parties failed to
agree an extension to the licences on suitable terms.
Commenting on the update, CEO Jens Pace said:
“The relinquishment of the blocks is a result of the company’s election to not commit to
drilling an ultra-deep water well at this time, one that would set a world record water depth.
Instead, we must focus our attention on areas where we see the best chances of value
creation for our shareholders. Despite our efforts to progress our technical work program
and secure partners for the Sierra Leone blocks, it has become apparent that the industry
appetite does not currently exist for ultra-deepwater exploration in this part of the African
margin. Although it is disappointing to walk away from a technically interesting area, the
outcome relieves us of onerous future cost commitments associated with these assets which
I believe is the right course of action for the company.”
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/22112018/african-petroleum-licence-update-on-sierra-leone/
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