& Gas, Africa
48.21% equity interest
Signet Petroleum is an independent oil exploration company
focused on acquiring and developing high impact exploration
assets in Africa. Four highly prospective assets have already
been acquired, in Benin, Burundi, Namibia and Tanzania, and
the Company is actively pursuing additional assets in other
African focus countries.
Signet has acquired a 90 per cent shareholding interest in
Signet Petroleum Benin, a company that entered into a petroleum
contract with the Republic of Benin for the exploration and
exploitation of hydrocarbons in offshore Block No. 3 on 15
July 2011. Block No. 3 covers an area of 2,863 square kilometres
in the hydrocarbon bearing Dahomey Embayment. Within Block
No. 3, there are three major sandstone reservoirs all of which
have been penetrated in the Seme field in neighbouring Block
No. 1 located to the east.
In February 2011, the Brazilian state oil company Petrobras
acquired a 50 per cent interest in Block No. 4 located to
the south adjacent to Block No. 3 offshore Benin.
Signet has acquired rights to an 87.5 per cent shareholding
interest in Minergy RE (Rare Earths) Limited, which entered
into a petroleum contract with the Republic of Burundi for
the exploration of hydrocarbons in Block C in Lake Tanganyika
on 21 May 2011.
Block C covers an area of 658.1 square kilometres. Lake Tanganyika
lies on the western branch of the East African Rift System.
The exploration area in Burundi includes the Rusizi and Lake
Tanganyika basins and has been divided into four blocks, of
which Block C is one. Block A located in the Rusizi basin
was awarded in May 2011 to A-Z Petroleum Ltd. The other two
blocks, Block B and D, are owned by Surestream Petroleum Limited.
In August 2011, Total SA was granted the Lake Tanganyika North
Area license following a competitive bid process in which
nine companies applied.
On 17 June 2011, Signet entered into a petroleum agreement
with the Government of the Republic of Namibia in relation
to Block 2914B which gave Signet a 75 per cent interest in
the block. On 19 August 2011, petroleum exploration licence
no. 0039 was issued to Signet and its partners in relation
to Block 2914B, which comprises an area of 12,299 square kilometres.
Block 2914B is located in the highly prospective Orange Basin
to the southwest of the Kudu gas field (estimated proved and
prospective reserves of over 6 trillion cubic feet) operated
by Tullow Oil plc. Block 2914B is also adjacent to blocks
operated by HRT Participações em Petróleo
Signet holds an 80 per cent shareholding interest in Hydrotanz
Ltd (“Hydrotanz”), a company incorporated in Tanzania.
Hydrotanz entered into a production sharing agreement with
the United Republic of Tanzania and the Tanzania Petroleum
Development Corporation pertaining to the North Mnazi Bay
on 29 May 2008. North Mnazi Bay is located offshore and covers
an area of 252.27 square kilometres. Hydrotanz has recently
completed the acquisition of 375 km of 2D seismic and these
results will be interpreted with existing data to design a
work programme for the block.
A joint venture between BG International Limited and Ophir
Energy plc has interests in Blocks 1, 3 and 4 offshore southern
Tanzania. These blocks cover 20,853 square kilometres in the
Ruvuma and Mafia Deep Basins area, located in water depths
ranging from approximately 100 metres to 3,000 metres. The
results of the recent drilling activity in Blocks 1 and 4
have confirmed the presence of both Tertiary and Cretaceous
reservoir systems. All three of the recent wells drilled in
Blocks 1 and 4 have encountered gas within Tertiary reservoirs.
According to a report prepared by RPS Energy Limited in July
2011, Blocks 1, 3 and 4 had 2,454 bscf of gross mean contingent
resources and 5,643 bscf of gross mean risked prospective
resources. Block 1 is located to the north adjacent to the
North Mnazi Bay block.
In the Company’s opinion, the potential further investment
in Signet provides a good investment opportunity for Polo.
Based on comparable companies in the region, Signet’s
diverse portfolio of assets has the potential to create significant