Examples of Block LB-13 in a sentence
Other than guarantees provided to the Government of Liberia in respect of Block LB-13, the Company has not entered into and/or is a party to any off-balance sheet arrangements.
As the Company is not the operator of Block LB-13, it will likely have limited control over the timing of a resumption of the drilling program.
In December 2016, an exploration well Mesurado-1 was drilled on Block LB-13 offshore Liberia but it was not commercially successful.
As part of this transaction, the Company has also entered into a number of contractual arrangements in respect of a 3D seismic survey for Block LB-13.
We set out in the table below a summary of the adjustments made to company payments: CompanyTax paid reported but outside the reconciliation scope (USD)ExxonMobil Exploration and Production Liberia Ltd (a)(70,000,000)National Oil Company of Liberia (NOCAL) (b)(1,075,000)Total adjustments(71,075,000) (a) ExxonMobil made a payment of USD 120 million on 5 April 2013 to NOCAL for the Block LB13 (in compliance with PSC Obligation - Article 40).
At the height of the outbreak the Liberian Government declared a State of Emergency and amongst other things entered into a letter of agreement with ExxonMobil Liberia in respect of Block LB-13 such that the time limits set out in the Liberian PSC were to be suspended pending a resumption of normal operations.
Both Exxon and the Company have elected not to enter into third exploration period and accordingly, surrendered their rights to the LB-13 license, resulting in the expiration of LB-13 production sharing contract and Block LB-13 JOA on 25 September, 2017.
The nature of the geology and geophysical signature of the drilling prospects identified to date on Block LB-13 is very familiar to the technical staff of the Company.
ExxonMobil Liberia and COPL Bermuda then entered into negotiations with NOCAL for the amendment of the production sharing contract applicable to Block LB-13.
In lieu of this, the Company received a license agreement from TGS-Nopac Geological Company for a copy of the 3D seismic survey covering the 2,023 square kilometers of Block LB-13.