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