discovery to Sonangol with respect to our Cameia project. On May 28, 2014, we submitted the initial
integrated field development plan for our Cameia project on Block 21 offshore Angola for approval by
Sonangol and the Angola Ministry of Petroleum. Upon the approval of a development area by the
applicable Angolan government authorities, we will be in a position to specify the acreage assigned to
the Cameia project. Likewise, upon approval of development areas by the applicable Angolan
government authorities with respect to each of our Mavinga, Bicuar, Lontra and Orca discoveries, we
will be in a position to specify the acreage assigned to each respective discovery. In addition, the
Diaman #1B exploration well on the Diaba Block offshore Gabon was also successful in discovering
hydrocarbons, however, the Diaman discovery remains in the early phases of the development project
life-cycle. After the approval of a development plan, the delineation of a development area and the
completion of certain other steps, we will evaluate which acreage associated with these discoveries
could then be classified as developed acreage. See ‘‘Risk Factors—Risks Relating to Our Business—
Our discoveries and appraisal and development projects remain subject to varying degrees of additional
evaluation, analysis and partner and regulatory approvals prior to official project sanction and
production.’’
The table below summarizes our undeveloped acreage scheduled to expire in the next five years
offshore West Africa.
Undeveloped Acres Expiring
2019 and
2015
2016
2017
2018 thereafter
Gross
Net
Gross
Net
Gross
Net
Gross Net Gross Net
Offshore West Africa
Angola
:
Block 9(1) . . . . . . . . .
— — 988,668 395,467
— — — — — —
Block 20(2) . . . . . . . . .
— — — — 1,210,569 484,228 — — — —
Block 21(3) . . . . . . . . . 1,210,816 484,326
— — — — — — — —
Gabon
:
Diaba(4) . . . . . . . . . . .
— — 2,242,634 476,560
— — — — — —
(1) Pursuant to the Block 9 RSA and Executive Decree 95/14, which granted us a two-year extension
of the initial exploration phase on Block 9 offshore Angola, our Block 9 acreage is now scheduled
to expire as of March 1, 2016.
(2) Pursuant to the Block 20 PSC, our license to exploration acreage on Block 20 will expire as of
January 1, 2017, subject to certain extensions. This expiration date may be extended by three years
if we notify Sonangol in writing of such extension at least thirty days before January 1, 2017,
provided we have otherwise fulfilled our obligations under the agreement and agree to drill
additional wells pursuant to the Block 20 PSC. The undeveloped acreage numbers listed in this
row include acreage associated with our Lontra and Orca discoveries upon which exploration wells
have discovered hydrocarbons, but a formal declaration of commercial discovery has not yet been
filed with the applicable Angolan government authorities and therefore an associated development
area has not yet been approved.
(3) Pursuant to the Block 21 RSA, our license to exploration acreage on Block 21 will expire as of
March 1, 2015, subject to certain extensions. We have applied for an extension of the initial
exploration period for Block 21 to enable us to continue to pursue our exploration efforts,
however, this extension is currently pending approval by Sonangol and the Angola Ministry of
Petroleum. The undeveloped acreage numbers listed in this row include acreage associated with
our Cameia, Mavinga and Bicuar projects upon which exploration wells have discovered
hydrocarbons and we have filed declarations of commercial wells, but associated development
areas have not yet been approved. See ‘‘Risk Factors—Risks Relating to Our Business—Under the
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