- Block B, 4,590 km2 onshore, located in the Dahomey Embayment
- New AGG (Airborne Gravity Gradiometry) survey acquired and interpreted
- 4,600 sq km high resolution airborne AGG Gravity and Magnetic data acquired in 2013 (Fugro-CGG)
- Allada Structure already identified (vintage 2D and modern AGG Gravity)
- Field Studies in 2014 reveal Coastal Basin petroleum geology, including live seeps, reservoir and source rock outcrop
- Integrated Block Study underway with vintage gravity and 2D data, modern airborne gravity and magnetics, field data and Remote Sensing data
- Large depocentre yet to be explored
- Large amount of offshore exploration nearby with many new discoveries (e.g. Ogo Field in the Benin Basin of western Nigeria)
- Preparations underway for new 2D seismic acquisition
Elephant Oil Ltd
- RRR: 4.64% Interest
- Onshore Oil Exploration – Benin
- Underexplored West African Transform Margin
- Large Analogous Fields Offshore - Onshore Accumulation Likely
- Strategy to Seek Large Early Stage Exploration Uplift
Red Rock entered into an agreement with Elephant Oil limited a privately held oil exploration company exploring onshore Benin, West Africa - to build a portfolio of low-risk and cost effective onshore exploration assets.
Red Rock entered into an agreement with Elephant Oil limited in July 2015 where it exercised its option to invest £275,000 for a 4.76% stake in Elephant Oil and has also been given the right to invest a further £412,500 on the same terms for the subsequent six months.
The block covers 4,500 km2, or approximately two-thirds of the coastal basin, and is one of only two onshore blocks to have been made available by the government of Benin. The region has experienced significant investment and numerous discoveries offshore including at Ogo in the Benin Basin, and Elephant believes onshore Benin to be of similar high potential and having been neglected by the oil and gas industry to date.
Elephant has acquired a high-resolution aero gravity gradiometry survey, covering the entirety of Block B, performed by CGG (Fugro). Fieldwork and geophysical interpretation have also been completed, resulting in the identification of subsurface leads.
Preparations are underway for acquisition of further 2D seismic data that will be used to further define the drill target, for the first exploration wells onshore in Benin. There are no well obligations during the first phase.
The company recently began the Environmental Impact Assessment ("EIA") over the area of the forthcoming seismic survey. The EIA is a prerequisite to permitting the new seismic acquisition programme, planned in 2016.