Overview
AGC is the ‘Agence de Gestion et de Coopération entre le Sénégal et la Guinée-Bissau’ which is a joint commission set up by the governments of Guinea-Bissau and Senegal to administer the maritime zone between the two countries.
AGC is the ‘Agence de Gestion et de Coopération entre le Sénégal et la Guinée-Bissau’ which is a joint commission set up by the governments of Guinea-Bissau and Senegal to administer the maritime zone between the two countries. The AGC Profond block consists of the deepwater portions of two blocks previously known as Cheval Marin and Croix du Sud. The block covers an area of 9,838km2 and is located in water depths ranging from approximately 75 to 3,500m.
Interest
The Group has a 74.2% beneficial interest in the block during exploration with the state owned entity l'Entreprise AGC holding a 12% beneficial interest and having a right to back-in for a further 5% beneficial interest following a
declaration of commerciality; Rocksource AGC (Profond) AS has earned a 5% beneficial interest by funding a Controlled Source Electromagnetic (CSEM) programme and their promoted contribution to the first well will allow them to increase this to 15%. A further 10% will be available should they elect to make a further promoted contribution to a second exploration well. Following a farm out agreement in March 2011, FAR Limited acquired an 8.8% beneficial interest by contributing to the accrued and ongoing costs of drilling the first exploration well.
Exploration
The first renewal period commenced on 19 September 2009, lasts for two years and carries a commitment of one exploration well to a minimum depth of 1,500m. A second renewal of a further two years is possible with a further commitment to drill another exploration well, also to a minimum depth of 1,500m.
Licence Details
| Licence Name | AGC Profond |
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| Basin | MSGBC Basin |
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| Gross Area | 9,838km2 |
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| Depths | 75 to 3,500m |
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| Licencee: |
Interest: |
| *Rocksource AGC (Profond) AS have the ability to increase their equity to a maximum of 25% by partially funding the first two exploration wells on the Block.
**Entreprise have an option to increase their 12%. beneficial interest by a maximum of 5%. |
| Ophir AGC (Profond) LTD | 44.2% |
| Noble Energy | 30% |
| FAR | 8.8% |
| ROCKSOURCE AGC (Profond) AS | *5% |
| ENTREPRISE AGCSA | **12% |
Images
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Within AGC Profond, high resolution 3D seismic has been utilised for shallow hazard assessment studies ahead of exploration drilling of the Kora prospect
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Kora-1:seismic amplitude extraction of the main reservoir
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Kora Prospect structure map
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Seismic amplitude extraction from the Albian section over the Kora Prospect
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Views of the seismic data in AGC Profond demonstrating the structural style.
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Play elements southern MSGBC Basin
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Seismic traverse approximately through the proposed Kora -1 location
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