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.