Sierra Leone Liberia exploration basin Report

Asset Report 26 March 2019

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Report summary

Sierra Leone's history of political and economic instability, combined with the Ebola outbreak in 2014, has resulted in little to no exploration in past couple of years. The country's position along the West African Transform Margin made it attractive to explorers looking to replicate the recent success in countries such as Ghana, however disappointing exploration results offshore Liberia and Sierra Leone have raised concerns with the overall petroleum system and limited yet-to-find volumes. With no commercial fields and no existing infrastructure, early developments with have to support the cost of the country's upstream industry. Sierra Leone has an attractive fiscal regime compared to other deepwater West African countries. However, prospect economics are extremely marginal for investors. High exploration and development costs in a low price environment has resulted in value destruction across the basin.

Key issues include:
Wells drilled
Basin success rates
Volumes discovered
Yet-to-find potential
Play inputs
- Model field pool size distribution
- Existing discoveries and modelled yet-to-find pool size distribution
Yet-to-find costs and underlying development assumptions
Licensing
Fiscal terms
TYP economics
Outlook economics
- Development value
- Cretaceous Deepwater
- Prospect breakeven price
- Expected monetary value
Play economics
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