Cove Energy’s (LON:COV) joint venture partner Anadarko Petroleum (NYSE:APC) has made a fourth gas discovery in the Rovuma Basin, offshore Mozambique.
The latest discovery well, Tubarão, was drilled to 4,237 meters in deep water (898 meters), about 29 kilometres from the Mozambique coastline. Tubarão encountered more than 110 feet of natural gas pay in a high-quality Eocene-age reservoir.
The reservoir is separate and distinct from the other hydrocarbon accumulations found in Anadarko's three previous discoveries in ‘Offshore Area 1’ of the Rovuma Basin.
"The discovery at the Tubarão prospect opens an entirely new play style, which has additional opportunities in Mozambique's Offshore Area 1," said Bob Daniels, Anadarko senior vice president of exploration.
"This is our fourth significant discovery in the offshore Rovuma Basin and further strengthens our confidence in our geologic and geophysical models of the basin.
“Our seismic imaging indicates Tubarão's areal extent could cover about 15,000 acres that will be better defined with appraisal drilling.”
Crucially Daniels stressed that the drilling work is becoming more efficient. This latest well was drilling in half the time taken for the first well in the basin.
Anadarko is the operator and the largest stakeholder (36.5 percent) in the massive 2.6 million acre ‘Offshore Area 1’ licence block.
Cove Energy has a 8.5 percent stake in the acreage. While the others are Mitsui E&P (20 percent), BPRL Ventures (10 percent), Videocon (10 percent).
The other three discoveries in the area are Windjammer, Barquentine and Lagosta.