Genel Energy a partner at the Adigala block in Ethiopia says a drill or drop decision is expected in the first quarter of 2016 as it continues further processing and interpretation of new 2D seismic acquired in 2014.
According to the latest investor presentation the seismic that commenced in the second quarter of 2014 was to refine a number of existing leads into drill ready prospects and de-risk the prospectivity of the license.
The data is expected to support the presence of large structures in the Jurassic which could hold material potential even as field work continues to provide the presence of a working petroleum system.
There exist a 520 km of 2D seismic which was reprocessed in 2012 and augmented by a Full Tensor Gravity survey.
Oil seeps and surface outcrops in the block also support the presence of a mature and active Jurassic oil prone system.
A government extension on the license to the current exploration period by another 18 months expires in January 2017.
Other joint venture partners include the operator New Age and Africa Oil with 10 percent working interest.