Covering 2500 square kilometres, the Gambia Blocks A2 and A5 are located in 200 to 700 metres of water in the Mauritania-Senegal-Gambia-Guinea Bissau-Conakry (MSGBC) Basin in West Africa.
GB Energy told the market that the blocks would be awarded once the licence agreements and environmental impact assessment is finalised, expected at month-end.
“Subject to satisfying these conditions the award of the blocks will compliment GB’s asset acquisition programme within the broad international energy sector,” it said.
“GB was sole participant in the technical appraisal, the applications and the negotiations for these blocks.”
Since listing last year, GB Energy has acquired oil and gas assets in the Czech Republic, uranium exploration licences in Slovakia and has signed an agreement to sole fund the development of wave energy technology.
