On 5 February 2018, Total SA announced that it has agreed to farm-in for 25% WI in the shallow water Kanuku Block and 35% WI in the deepwater Canje Block in the Guyana-Suriname Basin. The 25% equity is to come from operator Repsol which has been seeking to dilute its 70% WI in return for funding a NFW on the block. The Kaieteur prospect in the north east of the block has been identified and is likely to be drilled in Q1 2019 or may be fast tracked to late 2018. Tullow holds the other 30% WI after farming in for 30% WI from Repsol in May 2013 to the newly defined block. Repsol had to cancel a farm-out agreed in 2013 to the then-known RWE Dea following an injunction with TSX-listed CGX Energy. In November 2014, CGX received a US$ 900,000 settlement after CGX filed claims against Repsol for failing to seek a renewal of the Georgetown licence which expired in 2012 and covered a similar area to Kanuku. It appears that Tullow is to gain a further 7.5% WI in the block from operator Repsol to leave Repsol and Tullow each with 37.5% WI and Total with 25% WI when the transactions are completed. The company also has a 25% WI option agreement for the Orinduik Block with Eco Atlantic in the same basin. A large 4,000 sq km 3D survey was acquired over the Kanuku Block by WesternGeco in May to July 2017. The block which is sited in water depths of 70-100m is located only around 50km to the south of the 1 Bboe plus Liza-1 discovery.
Total SA announced that it has agreed to farm-in for 25% WI in the shallow water Kanuku Block and 35% WI in the deepwater Canje Block in the Guyana-Suriname Basin.