West Africa · Offshore Equatorial Guinea
The EG-08 licence offshore Equatorial Guinea represents a cornerstone asset within the portfolio. Following the farmout, it provides exposure to a high-impact, fully funded exploration well with significant upside potential in a stable fiscal environment.
| Licence | EG-08 |
| Working interest | 17.16% (via 42.9% ownership of Antler Global Limited) |
| Partners | Antler Global Limited (40%); Fuhai Group (40%)1; GEPetrol (20%) |
| Operator | Antler Global |
| Status | Exploration |
| Expiry | 2027 |
| Wells | N/A |
| Basin | Douala |
| Play | Miocene/Oligocene Douala/Rio Muni Petroleum System |
1 A farm out agreement was signed with the Fuhai Group on 30 December 2025 and following receipt of the necessary approvals Antler will hold a 40% working interest in the EG-08 production sharing contract with Fuhai Group holding 40% and Guinea Ecuatorial de Petroleos (“GEPetrol”), the National oil company, holding the remaining 20%. The deal currently remains subject to Overseas Direct Investment approval from the Chinese government.
Reserves and resources
| Gross to Europa Unrisked Prospective Recoverable Resources (BCFE) | Net to Europa Unrisked Prospective Recoverable Resources (BCFE) | Operator | GCOS | |||||
|---|---|---|---|---|---|---|---|---|
| Prospects (BCFE) | P90 | Pmean | P10 | P90 | Pmean | P10 | ||
| Barracuda (Geological) | 304 | 893 | 1,610 | 52 | 153 | 276 | Antler | 80% |
| Cardinal | 101 | 275 | 494 | 17 | 47 | 85 | Antler | 70% |
| Arrowhead | 132 | 324 | 556 | 23 | 56 | 95 | Antler | 70% |
| 4 Other Prospects | 344 | 59 | Antler | 50% | ||||
| 2 Leads | 377 | 65 | Antler | 40-50% | ||||
| Total Summed Pmean | 2,213 | 380 | ||||||
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 60-70% for the three prospects. Volumes across the three identified prospects are estimated at mean prospective resources of 1.3 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 Chevron pipeline to the Alba gas plant facility on Bioko Island.
The initial phase of the licence is a two-year drill or drop. During this period, Antler reprocessed the existing 3D and carried out a successful farm out process resulting in an agreement with a large Chinese petrochemical company. There then follows a two-year second period, two one-year extension periods and a development phase. The PSC is typical for Equatorial Guinea whereby the state has a carried 20% interest and a royalty and profits share depending on production.
The prospects are covered with 3D seismic and lie in approximately 60-300m of water with the reservoir targets at around 2800m 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 nine exploration wells have been drilled using the AVO techniques since 2005, of which eight are discoveries.
Volumetrics
Volumes across 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% chance of success.
There is significant upside within EG-08 within both the shallow and deeper Miocene sections which have been the subject of technical work in the first phase of the licence.
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 would 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 would 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 is below capacity. The Alen to onshore LNG terminal is served by a pipeline that crosses Barracuda, a hot tap into the pipeline may also serve as an export route. In the event of a large discovery of hydrocarbons a standalone platform may also be possible.