RoyalGate Energy Extends License on Block Z in Equatorial
- The company plans to drill in Block Z
- Equatorial Guinea’s block Z holds an estimated 3.6 tcf of gas
- RoyalGate is also interested in Angola’s marginal field licensing round
28 January 2019, Houston Texas-– African independent RoyalGate Energy has been granted an extension on its Block Z license in Equatorial Guinea, with plans to commence drilling as the 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.
Block Z holds the existing Gardenia discovery, with an estimated 3.6 tcf of gas reserves in place and 25 million barrels of oil equivalent of condensate. Additional seismic analysis also shows four more high potential prospects in the area: 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.
“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.”
About RoyalGate Energy
From offices in Houston, Accra, Malabo and Luanda, RoyalGate Energy is operating assets in Equatorial Guinea and Ghana and evaluating new opportunities throughout Africa. Sustainability and sound fiscal and operations management guide the business.
RoyalGate signed its first production sharing contracts in Equatorial Guinea in 2013. In 2014 the company expanded to Ghana and Angola. RoyalGate is building a strong portfolio of assets across the continent and investing in the countries and communities in which it operates.