African independent RoyalGate Energy has been granted an extension on its Block Z license in Equatorial Guinea.
The company plans to commence drilling as oil price stabilizes and the market recovers.
“We are very honored 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,” said CEO Of RoyalGate Energy Frank Ene.
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Block Z holds the existing Gardenia discovery, with an estimated 3.6 tcf of gas reserves in place and 25 million boe of condensate. Additional seismic also shows four more high potential prospects in the area: Tulip, Daisy, Buttercup and Sunflower.
The Houston-based independent company is also interested in Angola’s marginal fields licensing round being launched at Angola Oil & Gas 2019 in Luanda in June.
“Marginal fields provide an excellent opportunity for independents like RoyalGate Energy to thrive in competitive upstream markets like Angola” Ene said. “We are eager to potentially expand our operations in Angola.”