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Ghana Contract Monitor

7. East Cape Three Point (1,565sqkm)

Contract Parties (Operator)

Medea Development Ltd, Cola Natural Resources and GNPC
Effective Date/Initial Exploration Period

Effective Date: September 24, 2013
Initial Exploration Period (3 years+ 1 year extension):
September 24, 2013 – September 23, 2017

Minimum Exploration Program (Initial Phase)

  • Acquire 1200sqkm of 3D seismic data
  • Drill one (1) Exploration Well
  • Conduct geological and geophysical studies
Minimum Expenditure

$25,000,000
Observations as of 2017

The company is looking for further extension to initiate 
drilling its first exploratory well after 4 years of holding on to the block.
2019 Update

The company acquired 3D seismic data and got extension to 
process the data and execute its drilling of the required 
well. There has been no drilling to date.
2020 Update

The contractor was due to drill an exploratory well in 2020, 
but has requested for postponement of the drilling programme 
due to constraints imposed by the CODVid-19 outbreak.