Supernova Energy and PetroGuin have been awarded a two year extension to the Second Stage of the Block 7B Group JVA, effective August 2017. The Extension has been fully ratified by the Guinea Bissau government and gazetted in the formal government publications. Stage 2 has a 3D seismic commitment, which is fulfilled. Supernova plan to carry out further 3D studies in the block with a view to building a larger Joint Venture ahead of the drilling commitment (Stage 3) after two years. There is currently strong interest in the deepwater Guinea Bissau area (the Guinea Plateau), with large-caps and super majors taking exploration acreage immediately north and south, and large hydrocarbon discoveries to the north. Across the Atlantic companies are successfully drilling in Surinam and Guyana, in geological basins thought to be previously conjugate with the Guinea Plateau.

The Ministry of Natural Resources and Environment has also ratified an amendment to the JVA improving the fiscal terms on the JVA. Overall corporate taxes and royalty have been reduced, improving company take and the overall fiscal regime in this frontier basin.

Supernova complete a major new prospectivity study over Block 7B
Supernova has recently completed a major new proprietary study, carried out by Beagle Geoscience. This new prospectivity study has integrated data and petroleum systems elements over the entire deepwater Guinea Bissau basin, resulting in a more comprehensive and coherent evaluation. The new Prospect Inventory benefits from the holistic approach to the basin as well as the block.