GPB Global Resources begins 2D seismic acquisition in Ethiopia

Russian explorer GPB Global Resources has said it has began acquiring 2D seismic at the Gewane-El Wiha license area where it signed a Petroleum Production Sharing Agreement (PPSA) in July 2014 with the Ministry of Mines of the Federal Democratic Republic of Ethiopia.

The area is located in the Afar region of Ethiopia in the north-eastern part of the country and covers about 42 thousand sq. km has already seen Airborne FTG & Magnetic Survey which was carried out in February 2015.

The acquisition falls in the timelines set by the company which in its October presentation said 2D Seismic Data Acquisition is planned to start in Q4 2015

The PPSA secures a 7-year exploration and a 25-year production period. GPB Global Resources is the operator of the project with 100 percent equity. The Ministry of Mines of the Federal Democratic Republic of Ethiopia can back-in up to 15 percent during the development stage.