On 29 November 2018, Discover Exploration Ltd announced that it has signed a binding agreement with Bahari Resources Ltd to acquire its entire issued share capital. Bahara Resources holds a 40% interest in the Blocks 35, 36 and 37 licence.   At the same time, Discover Exploration and Tullow Oil announced a deal whereas Discover Exploration agreed to farm-out 35% interest of its initial 60% interest in the licence to Tullow Oil.   Following the governmental approval of both deals, Tullow will operate the licence with a 35% interest and Discover Resources will hold the remaining 65% (25% through its local subdisiary Discover Exploration Comoros B.V. and 40% through Bahari Resources Ltd.   The 17,853 sq km acreage is located in the Outer Rovuma Fan, in water depth between 2,500 and 3,000 m about 100 km to the east of the Mozambique large gas discoveries. The licence is in its second exploration period that is valid until April 2021. Commitments calls for the acquisition of some 2D or 3D seismic data as well as for the drilling of an exploration well.   Earlier in 2018, Discover Exploration released its plans to drill the first exploration well in 2019/2020. The well will test two large stratigraphic prospects that are partially overlapping. The mid-Eocene prospect has a Pmean prospective reso5rce of 5.8 Bbbl (for the oil case) or 3.7 Bboe (for the gas case). The Cenomanian prospect has a Pmean prospective resource of 3.5 Bbbl (oil) or 2.5 Bboe (gas).  Background Information  The companies were awarded the licence in March 2014. In May 2014 the companies started the acquisition of a 2,330 km 2D infill seismic survey being part of the GX Technology (ION Geoventures) East Africa SPAN programme. The survey was completed in early August 2014. The seismic survey fulfilled the commitments for the initial period that ended in March 2018.  The data were reported of excellent quality, and initial interpretation suggested an extension of the Mozambican reservoir play beneath the Comoro acreage. Vast areal extend of Paleocene fan has been interpreted over Blocks 35, 36 and 37, with possible source rock in the oil window. The previous 2D seismic survey in the area was shot in 1H 2011, also part of the East Africa SPAN programme.   Commitment for the second exploration phase (2018 to 2021) is to acquire either 2D or 3D seismic data. Commitment for the last and third exploration phase is to drill one exploration well.   The Comorosâ acreage is a frontier area. The main potential for O&G business appears to be the eastern extension of the Rovuma Delta where deepwater fan stratigraphic plays are expected to be found. Faulting along the ridge separating the Comoros from East Africa Continent is also known to have created large anticlinal structures
Comoro Islands Discover Exploration Ltd announced that it has signed a binding agreement with Bahari Resources Ltd to acquire its entire issued share capital. Bahara Resources holds a 40% interest in the Blocks 35, 36 and 37 licence. At the same time, Discover Exploration and Tullow Oil announced a deal whereas Discover Exploration agreed to farm-out 35% interest of its initial 60% interest in the licence to Tullow Oil. 