Operational Areas | Antler Global

Antler’s initial asset, EG-08, is located offshore Equatorial Guinea between the northeast coast of Bioko Island and the maritime boundary with Cameroon in the Douala Basin Petroleum Province.

The Douala Province is characterised by abundant oil seeps on and around onshore outcrops and a variety of reservoir trapping mechanisms in the coastal onshore and offshore.

Antler’s block adjoins the Alen and Aseng producing fields in Equatorial Guinea operated by Chevron. Antler has defined prospects across its licence which are analogues and contiguous to those of the proven discoveries in the adjoining blocks.

Drilling preparation for the Barracuda well is underway, and discovery by Antler could be developed quickly with offtake utilising Chevron’s nearby Alen platform where hydrocarbons could be processed, transhipped and exported via the infrastructure to the Aseng FPSO (liquids) with gas going via the Sonagas operated pipeline from Alen to the Alba Plant gas facility for further liquid extraction and gas sales from EG LNG, all located in the Punta Europa complex on Bioko Island.

EG-08 has three high-graded prospects which we assess to have similar AVO characteristics to the Alen and Aseng fields and other discoveries in Chevron’s Blocks O and I immediately to the south.

The AVO story is very compelling and, accordingly, we estimate the chance of success is estimated at 70-80% for the three prospects. Volumes across the three identified prospects are estimated at mean prospective resources of 1.5 TCFE (this figure includes the gas and liquids). Together, these three prospects when combined provide over a 90% chance of finding a commercial discovery and, as such, this is a high quality, low risk and high reward asset in shallow water with modest well costs.

EG-08 has three high-graded prospects which we assess to have similar AVO characteristics to the Alen and Aseng fields and other discoveries in Chevron’s Blocks O and I immediately to the south.

The AVO story is very compelling and, accordingly, we estimate the chance of success is estimated at 70-80% for the three prospects. Volumes across the three identified prospects are estimated at mean prospective resources of 1.5 TCFE (this figure includes the gas and liquids). Together, these three prospects when combined provide over a 90% chance of finding a commercial discovery and, as such, this is a high quality, low risk and high reward asset in shallow water with modest well costs.

A successful discovery in EG-08 could be developed quickly with possible offtake to Chevron’s nearby Alen platform (9km), where hydrocarbons will be processed, transhipped, and exported through the Chevron infrastructure to an FPSO to export liquids with gas going via the Sonagas pipeline to the Alba gas plant and EG LNG facilities on Bioko Island.

The initial phase of the licence is a two-year drill or drop, which has subsequently been extended to October 2026. During this period, Antler has refined the existing 3D seismic data, successfully secured a partner to fund the Barracuda well and intends to drill the well early 2027..

The prospects are covered with 3D seismic and lie in approximately 60m of water with the reservoir targets at around 2,800m which is drillable with a jack-up rig. The three prospects on EG-08 have been defined using standard Amplitude Variation with Offset (AVO) techniques and, within this area eight exploration wells have been drilled using the AVO techniques since 2005, of which seven are commercial discoveries with the eighth discovering gas, albeit at sub-commercial volumes.

Volumetrics

Volumes across the all of the prospects are estimated at mean prospective resources of 2.213 TCFE (gas and condensate). The largest prospect is Barracuda, which will be drilled first, which has Pmean 893 BCFe and 80% change of success.

There is significant upside within EG-08, both shallower and deeper in the section.

Map showing the prospectivity in block EG-08 and the Alen field to the south in Block O.

Development Plan

Existing infrastructure lies to the south with the Alen platform (c9km to the south) and the Aseng FPSO (c30km to the south). Discoveries in Block EG-08 could be developed by separation of fluids into gas and liquids at a small platform at the discovery site or via subsea tie backs to the Alen platform directly.

Gas could be piped to the nearby Alen platform and liquids to the Aseng FPSO. The gas would then be exported via pipeline to the Alba gas facility on Bioko Island for further liquid extraction and gas sales, including LNG. If an oil discovery is made production could be via an FPSO. Both Alen and Aseng have been producing for several years and the Alba processing plant and EG LNG facility are operating below capacity.

Equatorial Guinea

Equatorial Guinea, a former Spanish colony, consists of the mainland, Rio Muni, and five islands including Bioko, where the capital Malabo is, and the Punta Europa complex, is located.

Equatorial Guinea is one of sub-Sahara’s biggest oil and gas producers and is a member of OPEC. The giant Alba gas field (4.6 TCF) was discovered in 1984 and brought onstream in 1991. Marathon (now ConocoPhillips) form part of the group of companies that operate the gas processing infrastructure at Punta Europa which produces LPG, methanol and LNG products. The giant Zafiro oil field (1.2 BBBLS) was discovered in 1995 by Mobil and began production in 1996.

Thereafter, exploration activity accelerated with several oil, condensate and gas discoveries being made at Ceiba & Okume (Triton, then Hess), Alen & Aseng (Noble, now Chevron) between 2001 and 2007 all of which are now on production. In the last decade or so little exploration activity has taken place, however there is renewed interest in the area with block awards in 2023 including Chevron who have licenced two blocks in November 2023 and to Meren Energy. In 2026 reconnaissance licences were awarded to Galp, ConocoPhillips, Chevron and Eni.

Capital: Malabo (current) on Bioko Island; Ciudad de la Paz (under construction)
Area: 28,050 sq. km
Population: 1.6 million
Languages: Spanish, French, Portuguese