The exploration license Agali, a 700 mln boe prospect in which ONE has a 50% working interest, is a large block offshore Gabon that covers some 4049 km2 (equal to the size of 18 UK North Sea blocks) in water depths varying from 20 m. to over 2500 m.
The good 3D seismic data base and regional knowledge has led to a well documented prospect inventory. The so-called Essoula prospect is by far the highest ranking prospect in the block and is located in the middle of the disputed area. The calculated reserves are 200-700 mln bls and the operator sees the geological chance of success as 39-41%. Major upside exists if similar oil trapping mechanisms are present to the recent major discoveries like Jubilee in Ghana, which exhibit good stratigraphic trapping components in broadly similar settings as in this deep water block.
The envisaged Essoula exploration well would be drilled in 2200 m. water depth and has a projected total depth of 4300 m. below sea level. Costs of the well will heavily depend on prevailing deep water rig rates. Anadarko is a capable (deep water) operator and has enjoyed many recent deep water successes (inter alia Jubilee in Ghana, Wahoo in Brazil and Green Canyon in GOM).