SOCO International reported earlier this week that it has agreed with PA Resources to farm into a 60% working interest in the Mer Profonde Sud permit offshore the Republic of Congo.
The permit comprises the exploration area of the license, however it excludes the Murphy Oil Corporation operated Azurite field.
SOCO will also drill an exploration well to test a structure identified from recent seismic data reprocessing and subsurface re-evaluation.
SOCO Chief Executive Ed Story commented in a company statement: “As an established Operator in Congo (Brazzaville), this is a natural step for us. Using our knowledge of the basin, and the additional work from PA Resources, we were able to recognise an untested prospect in a different structural setting from that already tested. The adjacent production from the same reservoirs as we are targeting adds to our optimism about the potential of this licence.”
After the transaction, PA Resources Congo SA will retain a 25% interest, while Congolese state oil company SNPC will retain its current 15% interest.