Southern Africa-focused gas exploration firm Sunbird Energy has acquired a 76 per cent interest in the Ibhubesi Gas Project, offshore South Africa
The project, located off the western coast of South Africa, will involve an initial purchase price of US$1.5mn.
The acquisition, when completed, will provide Sunbird with a 76 per cent interest in Production Right Block 2A within the Orange Basin and the Ibhubesi gas discovery.
According to the agreement, existing joint venture partner PetroSA, the national oil company of South Africa, will retain a 24 per cent interest in the block.
An independent assessment of the field in 2009 by international reserves auditors estimated that the Ibhubesi gas field had 2C resource of 869bn cu ft.
Sunbird managing director Will Barker said, “The Ibhubesi Gas Field is now the largest undeveloped gas discovery in South Africa.
“Through this acquisition and the subsequent development of the project, we are able to transform Sunbird from a gas explorer to one of the leading gas developers and producers in southern Africa.”
On completion of the transaction, which will be partly subject to approval of a transfer of title from the South African Department of Mineral Resources, Sunbird will have the right to operate and develop the Ibhubesi Gas Project.
