CGG provides 1Q20 financial update
The company has also suspended its full year 2020 financial guidance.
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The company has also suspended its full year 2020 financial guidance.
The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.
In January 2020 there were plans for approximately 50 exploration wells, but this has been reduced to 40 by the effects of the Covid-19 pandemic and low oil prices.
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.
Drilling at the Sobhi well encountered 108 ft net of high-quality gas-bearing sands, with an average porosity of 20%, near the base of the Kafr El Sheikh formation.
The oil was discovered in the exploratory Natator well in the Sudoeste de Tartaruga Verde block.
The data covers the company’s Welwitschia Deep prospect and Marula lead.
The company has said however that Premier Oil has withdrawn from the project, as the well did not meet its pre-drill expectations.
Initial recoverable resource estimates put the discovery at between 26 and 97 million boe.
The Monument exploration well found approximately 200 ft (c. 60 m) of net oil pay with good reservoir characteristics in Paleogene sandstone.
The company, under contract to TGS, has completed the offshore 'seep-hunting' surface geochemical analysis and geotechnical campaign of the MSGBC Basin.
A client of SeaBird Exploration has cancelled two OBN surveys off West Africa due to the Covid-19 situation.