12. Offshore Cape Three Points South Block
Contract Parties
UB Resources (Operator), Royalgate Gh Ltd., Houston Drilling Management Gh Ltd., GNPC
Effective Date/Initial Exploration Period
Effective Date: September 17, 2014
Initial Exploration (3 years): September 17, 2014 – September 16, 2017
Minimum Exploration Program (Initial Phase)
-
License and reprocess existing 600sqkm of 3D seismic data relating to the Contract Area
- Acquire and reprocess new seismic data (if deemed necessary)
-
Drill one (1) Exploration Well
Minimum Expenditure
$80,000,000
Observations as of 2022
Agreement terminated due to non-performance; UB Resources owes outstanding surface rental payment; block marketed in 2022 Roadshows.
The contractor has defaulted on the minimum work obligations. No drilling has been made.
The Contractor did not undertake any activity in 2019. The Work Programme and Budget for 2020 has not been submitted.
The contractors on this block are required to license and reprocess existing 600sqkm of 3D seismic data relating to the contract area and drill one (1) exploration well. The contractors have constituently failed to deliver on its minimum work obligations yet continue to hold on to the block.
The 2021 PIAC Semi-Annual Report reveals that the Petroleum Commission has commenced processes for the termination of this agreement on the grounds of non-performance.
The agreement for this block was terminated on 27th April 2021 for non-performance.
Concerning payment obligations on the Offshore Cape Three Points South Block, UB Resources has an outstanding surface rental payment of US$105,415.58 as of June 2022.
The block was part of the six selected blocks the Ministry of Energy marketed to investors as part of the 2022 Ghana Oil and Gas Roadshows in Houston, USA and London, Aberdeen in the UK.