Polarcus in seismic survey offshore Guinea-Bissau
A 3D seismic survey on Cap Energy Plc’s Block 5B, offshore Guinea-Bissau, started on November 4, 2014.
The contract was awarded to Polarcus Limited and will cover an area of circa 2,673 km2 over the Block. The survey is expected to take approximately two months to complete, after which the results will be processed and interpreted.
The 3D survey is expected to further delineate the leads and prospects identified by the 2D seismic campaigns conducted in 2011 and 2013 and the subsequent Rex Virtual Drilling (“RVD”) analysis carried out by Trace Atlantic Oil Limited (“TAOL”), the parent company of the operator of the block.
TAOL holds the exclusive license rights to use RVD in West Africa. Cap Energy, through its affiliate Sphere Petroleum Corporation (BVI), holds two blocks offshore Guinea- Bissau: Block 5B (Becuda) with partners TAOL Guinea Bissau (Becuda) 58.5% (operator) and national oil company Petroguin 10%; and Block 1 (Corvina) with partners TAOL Guinea Bissau (Corvina) 52% (operator) and national oil company Petroguin 20%.