RoyalGate Energy, Houston-based independent oil and gas firm, said in a statement that it has been granted an extension on its Block Z license in Equatorial Guinea, with plans to commence drilling as the oil price stabilises and the market recovers
The company plans to drill in the country’s Block Z, which holds an estimated 3.6 tcf of gas reserves in place and 25mn boe of condensate.
The company added that additional seismic showed four more high potential prospects in the area such as Tulip, Daisy, Buttercup and Sunflower.
The Houston-based independent is also interested in Angola’s marginal fields licensing round being launched at Angola Oil & Gas 2019 in Luanda in June.
Frank Ene, CEO Of RoyalGate Energy, said, “We are very honoured that the Ministry of Mines and Hydrocarbons continues to partner with us in our development of Block Z, and we greatly look forward to working with the government on the development of the block and using the gas resources to also further the development of the country’s gas mega hub.”
“Marginal fields provide an excellent opportunity for independents like RoyalGate Energy to thrive in competitive upstream markets like Angola. “We are eager to potentially expand our operations in Angola,” he added.
