Australian company is prospecting for oil in the Guinea-Bissau/Senegal joint area

19 February 2016

The Senegalese subsidiary of Australian company Woodside Energy has acquired a stake in an oil exploration block in the joint development zone between Senegal and Guinea-Bissau, the company said in a statement the released Thursday.

The statement said that the 65 percent stake acquired by subsidiary Woodside Energy (Senegal) resulted from a production sharing agreement signed with British company Impact Oil & Gas Ltd.

The block covers approximately 6,700 square kilometers in an area with a depth that ranges between 1,400 and 3,700 metres.

Impact Oil & Gas Ltd. will retain a 20 percent stake and Enterprise AGC, a company controlled by Senegal and Guinea-Bissau under the joint development zone, the remaining 15 percent.

Woodside Energy (Senegal) will act as operator of the block, and the chairman of the Australian company, Peter Coleman, said the signed agreement now allows the company to have access to an area of ​​”high quality.” (macauhub/GW)