7. East Cape Three Point (1,565sqkm)
Contract Parties
Medea Development Ltd (Operator), Cola Natural Resources, GNPC
Effective Date/Initial Exploration Period
Effective Date: December 4, 2013
Initial Exploration Period (3 years+ 1 year extension): December 4, 2013 – December 3, 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 2022
Contractors planned to drill an obligatory well in Q4 2022, but delays have led to a revised schedule for Q2 2023; ongoing well planning and procurement efforts reported.
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.
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 COVID-19 outbreak.
The contractors suspended their drilling program in 2020 on account of the effects of the pandemic.
The Minister of Energy has consequently granted an 18-month extension to the contractors to drill the obligatory well as required by their minimum work obligations. Medea is planning towards drilling of its obligatory exploration well in Q1 2022.
The contractors’ drilling campaign for its obligatory well is scheduled for Q4 of 2022. This schedule remains speculative, given the history of inactivity on the block. However, the 2022 Semi-Annual Report of PIAC reveals the contractors are reported to be engaged in well planning and drilling-related procurements.
From the 2022 PIAC Annual Report, well planning and drilling-related procurement of goods and services are ongoing, with Medea revising the planned drilling of its obligatory exploration well to Q2 2023.