Efora Energy Limited Announces to Obtain A Licence Extension for Block Iii in the Drc That Extends the Licence Until July 2019
May 22, 2019 at 01:35 pm EDT
Efora announced to obtain a licence extension for Block III in the DRC that extends the licence until July 2019, during which time the remaining partners will carry out a review of the technical data to determine the area that will be the subject of the renewal of the licence in July 2019. Under DRC legislation, the renewal of the licence is subject to the relinquishment of 50% of the total area of Block III. The company envisage that the area to be relinquished lies largely in the Virunga National Park, which as previously reported was excluded as part of the seismic survey due to operational challenges associated with environmental sensitivities in this part of the block. The partners will during this extension period complete the evaluation of the technical data to determine the retention of the most prospective and operationally viable area of Block III. Total E&P RDC, which previously held 66.7% of the working interest in Block III, has indicated that it will no longer continue as part of the consortium to further explore Block III. Consequently, Efora will pay its working interest share of forward costs associated with Block III. In addition, Efora now has the option to increase its working interest in Block III to 42.5% and is currently evaluating whether it will take up this option. Efora and the remaining partners, Semliki Energy SARL (wholly-owned by the Divine Inspiration Group Proprietary Limited) and Société Nationale des Hydrocarbures (Sonahydroc SA owned by the DRC government) are committed to the continued development of Block III and will discuss future plans with the relevant authorities; and in this regard, will make further announcements in due course.
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