The Democratic Republic of Congo has said two exploration permits for Blocks 1 and 2 near the Ugandan border previously held by Caprikat and Foxwhelp controlled by Israeli investor Dan Gertler have expired.
Reuters quotes a letter by DRC’s hydrocarbons ministry last week to the companies asked them to transfer all technical data and pay charges due under the contract saying the 2010 PSAs were being ended, amid contradiction from the company which said it holds the rights
Threats to end the contract date as back as 2012 citing delays in development which had been at the middle of a tussle with Irish explorer Tullow Oil and other companies.
According to Fleurette it finished a seismic campaign in 2014 covering approximately 700km offshore and 150km onshore in both blocks costing over $75 million including above $20 million on the seismic investigations.
The Blocks cover an area of over 7000 km2, including onshore and offshore acreage. Caprikat and Foxwhelp Ltd, through Caprikat and Foxwhelp SARL (DRC), hold a 85% interest in the Blocks, while the remaining 15% is held by the DRC Government.