Under the deal, Gaz de France will earn a 20% interest in the maritime licence by undertaking and funding geophysical studies to de-risk exploration prospects, in addition to fully-carrying Hardman through the costs of drilling the first wildcat.
Gaz de France can also opt to exit the joint venture after completing the geophysical studies or boost its working interest to 30% after completing the initial well.
Hardman, which will remain as operator, was awarded its 97.5% equity in the entire offshore Guyane (also known as French Guiana), totalling 65,000 acres (26,300 hectares), in June 2001.
Since that time, the area has been subject to what Hardman describes as an “extensive” exploration program, in which more than 9000km of 2D seismic and 380 square kilometres of 3D seismic data was acquired.
Analysis of the data identified more than 20 prospects and leads, of which Matamata was expected to be the first well to be drilled either late next year or 2008.
Managing director Simor Potter told PetroleumNews.net earlier this year that the interpretation supported Hardman’s theory that the basin contained similar geological features with those in Mauritania.
“If you reconstructed the Atlantic Ocean to how it would have looked millions of years ago, this area [Guyane] would juxtapose with West Africa,” Potter said.
“The 2D seismic results came back consistent with what we expected to find and seem to support our ‘Mauritanian’ Miocene channel play concept in the Eastern Basin.”
In response to the farm-out deal, Potter said Gaz de France would bring “new technical and cultural strengths” to the JV.
Upon completion of the agreement, interests in the Guyane maritime licence will be Hardman (77.5%), Gaz de France (20%) and Northpet Investments (2.5%).
