terms of our various license agreements, we are required to drill wells, declare any discoveries and
conduct certain development activities in order to retain exploration and production rights and
failure to do so may result in substantial license renewal costs or loss of our interests in the
undeveloped parts of our license areas.’’
(4) Pursuant to the PSA governing the Diaba Block, our license to acreage not defined by an
approved development area will expire as of December 31, 2016, subject to certain extensions.
Drilling Rigs
We currently have the Petroserv SSV Catarina under contract for use in our offshore Angolan pre-
salt drilling campaign. The drilling contract for the SSV Catarina, a new-build, sixth-generation semi-
submersible drilling rig commenced in April 2013 and provides for a firm three-year commitment at a
day rate of approximately $600,000 and two one-year extension options at day rates to be mutually
agreed. Such rates are subject to standard reimbursement and escalation contractual provisions. We
plan to utilize the Petroserv SSV Catarina for exploration, appraisal and development activities offshore
Angola.
Prior Drilling Results and Drilling Statistics
The following table sets forth information with respect to the gross and net oil and gas wells we
drilled offshore West Africa during the periods indicated. The information presented is not necessarily
indicative of future performance, and should not be interpreted to present any correlation between the
number of productive wells drilled and quantities or economic value of any reserves found. Productive
wells include wells that have been drilled to the targeted depth and prove, in our opinion, to be
capable of producing either oil or gas in sufficient quantities that will justify completion as an oil or gas
well. A dry well is an exploration, appraisal or development well that proves to be incapable of
producing either oil or gas in sufficient quantities to justify completion as an oil or gas well.
Offshore West Africa
2014(2)
2013(3)
2012(4)
Wells Drilled
Gross Net Gross
Net
Gross Net
Exploration(1)
Productive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 1.2 3 1.0125 2 0.8
Dry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 0.8 — — — —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 2.0 3 1.0125 2 0.8
(1) We did not drill any development wells offshore West Africa during the fiscal years ended
December 31, 2014, 2013, and 2012, respectively, although we expect that the Cameia #3 appraisal
well which was drilled in 2014 will be used as a field development well.
(2) The wells noted include our Orca #1 exploration well (productive), Bicuar #1A exploration well
(productive), Cameia #3 appraisal well (productive), Loengo #1 exploration well (dry), and
Mupa #1 exploration well (dry).
(3) The wells noted include our Mavinga #1, Lontra #1, and Diaman #1B exploration wells (all
productive).
(4) The wells noted include our Cameia #1 exploration well and Cameia #2 appraisal well (all
productive).
The following table sets forth information with respect to the gross and net oil and gas wells that
are currently drilling offshore West Africa (including wells that are temporarily suspended) as of the
date of this Annual Report on Form 10-K, but does not include oil and gas wells that have been drilled
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