8. South West Saltpond Block
Contract Parties (Operator) Brittania-U Ghana Ltd (BUGL) and GNPC
Effective Date/Initial Exploration Period Effective Date: July 17, 2014 (after 27 months extension) Initial Exploration Period (3 years): October 17, 2016 – October 16, 2019.
Minimum Exploration Program (Initial Phase)
Reprocess 800km of existing 2D seismic data
Acquire and process 1500sqkm of new 3D seismic data
Drill one (1) exploration well
Minimum Expenditure $40,000,000
Observations as of 2017 After first extension, the company is still doing Seismic data interpretation. It is not clear how they got the extension without spending the minimum expenditure required.
2019 Update The contractor did not fulfill the full extent of the minimum work obligation. No drilling has been undertaken.
2020 Update The Contractor undertook minimal G&G studies in 2019. The Work Programme and budget for 2020 have not been submitted.