and Gas Projects, Africa
44.90% equity interest
The investment in Signet Petroleum is a central part of Polo’s
strategy to increase its exposure to the oil and gas sector.
The last 12 months have been a transformative period for Signet
in which the company has acquired and interpreted 3D seismic
data over Mnazi Bay (Tanzania), which has confirmed the substantial
up-dip extension of the BG/Ophir Chaza-1 discovery well, acquired
2D seismic over block 2914B in Namibia, demonstrating significant
prospectivity, and launched a process to examine strategic
alternatives, which is being led by First Energy Capital LLP.
- During 2012, Signet acquired 110 square kilometres of
high quality 3D seismic data over the offshore Mnazi Bay
North Block, Tanzania. This new data, in addition to the
2D data acquired in 2011 provides a very strong indication
of the up-dip extension of the BG/Ophir Chaza-1 discovery
drilled by the Ophir on behalf of the BG/Ophir consortium
on the Signet/BG/Ophir block boundary in 2011 as well as
a number of additional prospective targets.
- The company is well positioned as an early development
opportunity for the domestic energy market (unsatisfied
domestic demand for natural gas is estimated at over 500
- The new Mtwara to Dar es Salaam Gas Pipeline project
was inaugurated by the Government of Tanzania on 21 July
2012. The 532-kilometre pipeline will link the Mnazi Bay
gas field to Tanzania’s largest city. Construction
is underway and is expected to take 12-24 months to complete.
- Natural gas will be transported to large-scale electricity
producers, other industrial users and major population centres
- Plans for a new Mnazi Bay 300MW gas fired power plant
were announced by Government of Tanzania on 13 October 2011.
- In late 2012, Signet acquired approximately 5,000 kilometres
of 2D seismic data in Block 2914B where Signet holds a 75
per cent working interest. This data indicated a high degree
of prospectivity with multiple prospects identified in a
variety of geological plays.
- Signet acquired historical technical data on its Burundi
licence, Block C, southern offshore Rusizi Basin. Evaluation
- The joint venture with Surestream Petroleum Limited has
purchased a 50 per cent interest in the seismic vessel,
the ‘Tanganyika Explorer’, which will undertake
2D multi-client seismic services on Lake Tanganyika. The
Surestream joint venture gives Signet a technical advantage
across Lake Tanganyika.
Signet holds a portfolio of earlier-stage exploration projects
in a number of other territories, including a 10 per cent
stake in licence block SL 7A-10 in Sierra Leone and a 90 per
cent working interest in Block 3 (2,863 square kilometres),