In early August 2019, operator Svenska Petroleum Petroleum AB (Svenska) farmed out 55.55% working interest to CNOOC West Africa Petroleum E&P SA (CNNOC) in its offshore Block 2 (Sinapa permit), and Blocks 4A, 5A (Esperanca), shallow to deep waters of the MSGBC Basin. Svenska, which was looking for partners since 2014, is understood to remain operator of all blocks with 23.03% interest, alongside with CNOOC (55.55%) and FAR Ltd (21.42%). CNOOC may elect to take over operatorship following the 2020 drilling campaign.   This agreement, still subject to governmental approval, will help Svenska to proceed to the drilling of an exploratory well, planned for long, targeting the Atum prospect, before contract expiry in November 2020 (separate article).  Background Information  Since 2014, Svenska was offering interests in the permits in exchange for the funding of a drilling work program. Svenska wanted initially to appraise the Sinapa oil discovery but since the discovery of the SNE field in neighbouring Senegal, the company acquired fresh 3D seismic in 2015 and identified new prospects, notably Atum in Block 2 and Anchova across blocks 2 and 4A. Atum is believed to be a shelf edge prospect similar to the SNE field.As of January 2019, a data room was set-up at Svenska Petroleumâs offices for the farm-in opportunity on Block 2.   In mid-January 2017 it was reported that Svenska renewed its farm-in offer for Block 2 (Sinapa permit), Blocks 4A and 5A (Esperanca permit) offshore MSGBC Basin. The company got a validity extension for its acreage and the permits are valid until November 2020.
Svenska has reportedly farmed-out equity to CNOOC in Sinapa block 2 and Esperanca blocks 4A + 5A, total 5725kmÂ² in shelf waters. Several prospects are identified of which Atum in block 2 and Anchova across blocks 2 & 4A. So far Svenska (78,58% op), FAR 21,42%). 