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Cameroon: Addax contracts Atwood jack up for 2014

Sinopec Group’s Addax Petroleum Cameroon Ltd. unit has let a contract to Atwood Oceanics Inc. for the Atwood Aurora jack up to drill offshore Cameroon.

Atwood said the contract is for 1 year beginning February 2014 at a $193,000 day rate inclusive of the 15% Cameroon withholding tax or $164,000 exclusive of the 15% Cameroon withholding tax, depending on the well location.

Addax in October 2012 said it would appraise the Padouk-1X exploratory well in 42 m of water on the Iroko block in the Rio Del Rey basin near the marine border with Nigeria.

The discovery well went to a total depth of 2,616 m and logged 38.6 m true vertical depth of net oil and 65.1 m TVD of net gas sands in which Addax estimated a provisional contingent resource of 20 million bbl of oil and 200 bcf of gas excluding upside potential to be assessed during appraisal.


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