Guinea-Bissau
Transcription
Guinea-Bissau
CAP Energy Company Profile Q2 2015 Disclaimer – Important Notice Forward-Looking Information Except for statements of historical fact, all statements in this presentation – including, without limitation, statements regarding production estimates and future plans and objectives of CAP Energy Plc (“Cap” or “The Company”) – constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, resources and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading “Principal Risks and Risk Management” in the 2013 Annual Report issued by Cap on 28 May 2014 and other documents available on the Company’s website: www.capenergyplc.com and filed with ISDX. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date in which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable security laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. CAP Energy 2 CAP Energy The Company The Assets 24% interest in Block 1, Guinea-Bissau 27% interest in Block 5B, Guinea-Bissau 44.1% interest in Block Djiffere, Senegal Focused on exploration, development & production of conventional hydrocarbons in sub-Saharan Africa Headquartered in London Recapitalisation & Turnaround in 2012 Listed on ISDX Growth Market (market cap £40.4m as of 01/04/15) Dynamic management team with over 60 years experience running operations in Africa Access to game-changing Rex Technologies www.capenergyplc.com [email protected] +44 (0) 20 7491 9196 CAP Energy 3 Board & Management Team Tim Hearley Chairman Tim graduated in Physics from Oxford University and in the 70s became a research analyst with Sheppard and Chase, focusing on the mining sector, including oil & gas. In his early career he also worked for GEC Telcoms and W S Atkins. Tim was Chairman of Oceanic Commercial Holdings Ltd, which held a significant investment in Intrepid Oil & Gas operating in Oklahoma. Tim is an experienced chairman and director of a number of listed and private businesses. Lina Haidar CEO Lina has built a successful business portfolio extending across oil and gas, logistics, telecommunications, and real estate. She underpins an MBA from the International University of Monaco with extensive West African, Middle Eastern, and European experience. Lina was responsible for the recapitalisation and restructuring of CAP Energy in 2012. She holds directorships in Global Energy Trade Ltd and Haru Energy Nigeria Ltd. Ewen Ainsworth CFO Ewen is a leading upstream professional having worked in the industry for 27 years at various stages of the oil and gas life cycle from exploration to appraisal/development, production and de-commissioning. Previous roles include Finance Director at Gulf Keystone Petroleum and at Europa Oil & Gas. He has extensive experience in corporate finance and holds a qualification as a chartered accountant. Pierantonio Tassini COO A 42 year career with ENI, with a Petroleum Engineering background he has covered a broad variety of roles and responsibilities for the company and in the last 20 years he has held senior commercial and technical roles within the organization based in West Africa representing at shareholder level ENI's interest in several large scale LNG projects. Alexander Haly NED Alexander is the Chief Executive Officer of Petro Services Ltd, which provides and manages offshore support vessels to the oil and gas industry. Mr. Haly has been CEO of Petro since 2006. Petro operates predominantly throughout the West African coast where it is present in several countries. With his knowledge of the West African oil industry Alexander is well positioned to supervise CAP Energy's assets and programmes in the region. CAP Energy 4 Strategy REGIONAL FOCUS ETHICAL CONDUCT EARLY ENTRY Grow a diversified portfolio of conventional oil and gas assets in sub-Saharan Africa Target new or underdeveloped frontiers for hydrocarbon exploration such as the M.S.G.B.C Basin* Integrate with Joint Venture partners that are technological innovators and that have a strong regional presence Maximise shareholder value by participating in projects which have attractive upside potential and which generate high ROI Operate in accordance with the utmost level of industry Health, Safety, Environment and Security (HSES) standards CAP Energy SHAREHOLDER VALUE STRATEGIC PARTNERSHIPS * Mauritania-Senegal-Gambia-Bissau-Conakry Basin CAP Energy 5 Business Model Directors have worked together for over a decade, continuously providing capital & expertise to support Company’s ongoing operations Dynamic Dynamic & Experienced experienced Board Board Technological edge is built on strategic partnership with Rex Group providing access to game- changing Rex Technologies Technical Technical & Operational operational expertise Expertise CAP Energy Technological Technological differentiation Differentiation Extensive technical and operational know-how of conducting operations in Africa with over 60 years’ experience in the region Pro-active Pro-active approach Approach Management has pro-active, focused approach in identifying high value oil and gas opportunities CAP Energy 6 Share Information (01 Apr 2015) Exchange: ISDX Growth Market Share Price Performance 200 Symbol: CAPP Currency: GBP Shares in Issue: 29,961,486 Share Price: 135 GBp GBp Market Cap: 40.4M 150 100 50 0 AM J J A S ON D J FMA 2014/2015 52 Week High: 150 GBp 52 Week Low: 40 GBp CAP Energy 7 Shareholder Summary (based on 29,961,486 ordinary shares in issue) Shareholders Percentage (%) Global Energy Trade Ltd * 72.50 Alexander Haly (Director) 4.01 Lina Haidar (Director) 2.67 Pierantonio Tassini (Director) 0.88 Tim Hearley (Director) 0.15 Serge Pereira 4.84 Michael Runtsch 4.85 Mourad Haidar 2.91 Apogee Holding Inc (latest subscription – Feb 2015) 2.00 Scormining Inc 0.98 Mario De Sa Pereira 0.97 Other Shareholders 3.25 TOTAL 100% * BVI company owned by Alexander Haly (71%) and Lina Haidar (29%) Directors’ Holding 80.21% Public Holding 19.79% CAP Energy 8 Company Structure CAP Energy Plc 100% 85.7% Sphere Petroleum Corporation BVI 28% Sencap Ltd 31.5% Block 1 Guinea Bissau Block 5B Guinea Bissau [Net to Cap 24%] [Net to Cap 27%] 100% Omcap Ltd (affiliate) Haru Energy Nigeria Ltd 49% TAOL Senegal Djiffere Ltd 90% Block Djiffere Senegal [Net to Cap 44.1%] CAP Energy 9 Portfolio: Current and Planned Senegal Interests in: Block Djiffere – 44.1% Operator: Trace Atlantic Oil Nigeria Guinea Bissau Interests in: Block 1 – 24% Block 5B – 27% Marginal Field acquisition currently under negotiation Operator: Trace Atlantic Oil Ivory Coast - current In advance negotiations with Petroci for offshore Block acquisition São Tomé & Principe PSC negotiations in final stages for offshore Block - planned CAP Energy 10 Regional Overview Cairn Energy/ConocoPhillips – Senegal Significant oil discovery in FAN-1 well offshore Senegal – Cairn Energy Plc, Oct 2014 Senegal Second substantial oil find in SNE-1 well – Cairn Energy Plc, Nov 2014 FAN-1 SNE-1 potentially the world’s largest discovery in 2014 – Cairn Energy Plc, Mar 2015 950 MMbbls STOIIP SNE-1 deemed commercial even at $40/bbl P50 330 MMbbls SNE-1 CAP Energy – Africa Oil & Gas, Volume 18 Issue 5, 12 March 2015 Senegal is focus area of Cairn Energy’s exploration campaign in 2015; Cairn to drill 3 additional wells – Cairn Energy Plc, Feb 2015 Guinea-Bissau Dome Flore 1 billion bbls STOIIP CAP Energy Kosmos Energy – Senegal 60% farm-in at $400m into 2 offshore Blocks; commitment to 3D survey and drilling 3 wells – Kosmos Energy, Oct 2014 Sinapa 170 MMbbls STOIIP Tender Group – Senegal Extends onshore footprint with acquisition of 2 further Blocks – Rigzone, Feb 2015 CAP Energy 11 BLOCKS 1 & 5B GUINEA-BISSAU CAP Energy 12 Block 1: Guinea-Bissau Block 7A Guinea-Bissau 24% interest in Block 1 Operator: Trace Atlantic Oil Company 1 Trace, CAP Energy 2 FAR, Svenska 4A FAR, Svenska 4B Impact Oil & Gas 5A FAR, Svenska 5B Trace, CAP Energy 6A Larsen Oil and Gas 6B Larsen Oil and Gas 7A Supernova Energy 7B Sonangol X* Oryx Petroleum Y* Oryx Petroleum Z* Impact Oil & Gas * Located in AGC (Joint Administration Zone between Senegal & Guinea-Bissau) Licence Participants Trace Atlantic Oil (operator) Equity Interest 52% Cost Interest Licence Summary Operator Location Trace Atlantic Oil Limited Coastline in 0 100 metres water depth Surface Area 65% CAP Energy 24% 35% Petroguin (NOC) 20% - SPQSC 4% - (*) (*) carry limited to the 2D and 3D seismic surveys Seismic Completed • 4,800 km2 • 1,300 km 2D survey (vintage) 1,530 km 2D infill survey (2013) Next activities 3D survey (1,000 km2) scheduled Q4 2015 CAP Energy 13 Guinea-Bissau Block 1: Leads / Prospective Resources All leads Prospective Resources MMbbls P10 P50 P90 POS 515 275 77 15.5% Top Clusters: MMbbls (100%) Resources (P50) Priority 1 Clusters Cluster 1 (CN) 79 Cluster 2 (NW) 68 Priority 1 Total 147 Priority 2 Clusters Cluster 3 (SE) Cluster 4 (E) Cluster 5 (SW) 34 31 27 Priority 2 Total 92 Top clusters Total 239 50 km Source: Block 1 2D Seismic Interpretation Review, Independent Expert Review, GM&P (Sep 2014) CAP Energy 14 Block 5B: Guinea-Bissau Block 7A Guinea-Bissau 27% interest in Block 5B Operator: Trace Atlantic Oil Company 1 Trace, CAP Energy 2 FAR, Svenska 4A FAR, Svenska 4B Impact Oil & Gas 5A FAR, Svenska 5B Trace, CAP Energy 6A Larsen Oil and Gas 6B Larsen Oil and Gas 7A Supernova Energy 7B Sonangol X* Oryx Petroleum Y* Oryx Petroleum Z* Impact Oil & Gas * Located in AGC (Joint Administration Zone between Senegal & Guinea-Bissau) Licence Participants Equity Interest Cost Interest Trace Atlantic Oil (operator) 58.5% 65% CAP Energy 27% 35% Petroguin (NOC) 10% - SPQSC 4.5% - (*) (*) carry limited to the 2D and 3D seismic surveys Licence Summary Operator Location Surface Area Seismic Completed • Trace Atlantic Oil Limited Offshore in 200 – 4,000 metres water depth • 5,500 km2 • • 1,900 km vintage 2D survey 1,530 km new 2D survey (2011) 1,500 km 2D infill survey (2013) 2,673 km2 3D survey (2014) Next activities • • Processing of 3D survey completed 28.02.15 Interpretation of 3D survey underway – to be concluded Aug 2015 CAP Energy 15 Guinea-Bissau Block 5B: Leads / Prospective Resources All leads Prospective Resources MMbbls P10 P50 P90 POS 9166 5921 3380 15.5% Top Leads: MMbbls (100%) Lead Formation Resources (P50) Priority 1 Aptian S1 ProDelta 505 Aptian S5 ProDelta 415 Ksup-Sl 1 Slope Turb 407 BFF1 Turbidite 426 BFF 2 Turbidite 286 Jurassic S 5 BFF2 Priority 1 Total BFF1 Aptian S5 Albian S1 Priority 2 Leads Albian S 1 ProDelta Jurassic S 5 Reef 2,039 2,688 318 Priority 2 Total 3,006 Top Leads Total 5,045 Ksup-Sl 1 Aptian S1 Source: Block 5B 2D Seismic Interpretation Review, Independent Expert Review, GM&P (Nov 2014) CAP Energy 16 Block 5B: Geological Analogues Buried hill type structures identified in Block 5B, Guinea-Bissau and Sangomar Deep Block, Senegal (operated by Cairn Energy) Cross-section through Leads Alb_L1, Apt_L4, Kinf_L3 and Jur_L3 (Block 5B) Line 2011-A020 (Block 5B 2D Seismic) (Depth section) Top Albian Top Aptian Top Lower Aptian Top Carbonate Platform (Neocomian) Potential target Source: Block 5B Notional Plan for Exploration, Development and Production, GM&P (April 2014) Source: Block 5B 2D Seismic Interpretation Review, Independent Expert Review, GM&P (Nov 2014) SNE-1 Well, Sangomar Deep Block, Senegal Source: Cairn Energy Plc Preliminary Results Presentation, March 2015 CAP Energy 17 Block 5B: Geological Analogues Slope Fans identified in Block 5B, Guinea-Bissau and Sangomar Deep Block, Senegal (operated by Cairn Energy) FAN-1, Sangomar Deep Block 5B, Guinea-Bissau Source: Block 5B 2D Seismic Interpretation Review, Independent Expert Review, GM&P (Nov 2014) Analogous Slope Fans Source: Block 5B 2D Seismic Interpretation Review, Independent Expert Review, GM&P (Nov 2014) CAP Energy 18 BLOCK 5B BLOCK 1 Guinea-Bissau: Licence Terms Exploration Stage Duration Extension Commitment Status Stage 1 19.02.13 to 19.08.14 (18months) 12 months extension granted 500 km 2D Completed – 1,500 km 2D shot Stage 2 19.08.15 to 19.02.17 (18 months) - 250 km2 3D 3D survey (1,000 km2) planned Q4 2015 Stage 3 19.02.17 to 19.02.19 (24 months) - 1 exploration well Subject to 3D results; possible in H1 2017 Optional Extension Stage 19.02.19 to 19.02.21 (24 months after Stage 3) - 2 exploration /appraisal wells Subject to results of first exploratory well; possible in H2 2018 Exploration Stage Duration Extension Commitment Status Stage 1 19.02.13 to 19.08.14 (18 months) 12 months extension granted 500 km 2D Completed – 3,150 km 2D shot Stage 2 19.08.15 to 19.02.17 (18 months) - 250 km2 3D 3D survey (2,673 km2) completed Q4 2014 Stage 3 19.02.17 to 19.02.19 (24 months) - 1 exploration well Subject to 3D results; possible 3 wells Q4 2016-2017 Optional Extension Stage 19.02.19 to 19.02.21 (24 months after Stage 3) - 2 exploration/ appraisal wells Subject to results of exploratory wells; possible up to 5 wells in H2 2018-2019 CAP Energy 19 BLOCK DJIFFERE OFFSHORE SENEGAL CAP Energy 20 Senegal: Recent Discoveries Senegal Cairn Energy & ConocoPhillips Make Major Oil Discoveries Next to Cap Block 07 Oct 2014 FAN-1 well makes major oil discovery in Sangomar Deep Block - Resource estimates ranging 250 MMbbls to 2.5 billion bbls - 29 metres net oil pay - Good quality oil ranging 28 – 41 degrees API - Analogous slope fans identified in Block 5B, Guinea-Bissau 11 Nov 2014 Senegal SNE-1 well makes another significant oil discovery in Sangomar Deep Block - Resource estimates ranging 150 to 670 MMbbls - 36 metres net oil pay - Good quality oil at 32 degrees API - Analogous buried hill type structures identified in Block 5B, Guinea-Bissau Oil discoveries are situated closest to CAP Energy licence area New Entrant FAN-1 Commits $400m SNE-1 Source: Cairn Energy Plc CAP Energy 21 Block Djiffere: Senegal Block H Senegal 44.1% interest in Block Djiffere B D Operator: Trace Atlantic Oil Licence Participants Equity Interest Cost Interest Trace Atlantic Oil (operator) 45.9% 51% CAP Energy 44.1% 49% Petrosen (NOC) 10% - Company A Petro Tim, Kosmos Energy B Africa Petroleum C T5 Oil & Gas D Tender Group E Petro Tim, Kosmos Energy G Africa Fortesa H Africa Fortesa I A-Z Petroleum J African Petroleum K Cairn, FAR, ConocoPhillips N Tender Group O Cairn, FAR, ConocoPhillips P CAP Energy, Trace Atlantic R Elenilto Licence Summary Operator Location Surface Area TAOL Djiffere Limited Offshore in 0 250 metres water depth 4,459 km2 Seismic Completed • 3,750 km new 2D survey (2014) Next activities 3D survey (1,750 km2) scheduled Q4 2015 CAP Energy 22 Block Djiffere: 2D Seismic Main Lead Extensive 2D seismic survey (3,750 km) conducted in 2014 identified: ― 11 structural leads, the major one is Antelope Prospect ― The main level of this prospect (Upper Campanian) is estimated to contain P50 168 MMbbls recoverable Prospective Resources Source: PVE Consulting Ltd Djiffere Farm-Out Brochure for Trace Atlantic Oil Ltd CAP Energy 23 Senegal: Opportunities CAP Energy’s Motivations Early Mover Advantage and Regional Synergies Early entry into Senegal is well aligned with Cap Energy’s strategy to open up new exploration frontiers; and further complements existing presence offshore Guinea-Bissau & within the productive M.S.G.B.C Basin Derisking of Prospective Acreage with Rex Gravity and Rex Seepage Analyses Block Djiffere was selected by Cap Energy & TAOL following positive indications from the use of Rex Technologies (gravity anomalies and seepages detection) New Incentives Kosmos Energy Commits $400m in Hunt for Oil Offshore Senegal Cairn Energy Back to Back Oil Discoveries in Adjacent Block Senegal rapidly becoming “hot-spot” with new entrants such as Kosmos Energy (NYSE) investing $400m for oil exploration (60% farm-in includes 3D seismic & 3 wells) Cairn Energy & ConocoPhillips made significant good quality oil discoveries in FAN-1 and SNE-1 wells in Q4 2014 CAP Energy 24 BLOCK DJIFFERRE Senegal: Licence Terms Exploration Stage Duration Stage 1 18.07.13 to 18.07.15 (24 months) Stage 2 18.07.15 to 18.07.18 (36 months) Stage 3 18.07.18 to 18.01.21 (30 months) Optional Extension Stage 18.01.21 to 18.07.21 (6 months from end of Stage 3) Min. Work Commitment Status - 4,000 km 2D Completed – 3,750 km 2D shot; 3D survey (2,600 km2) planned Q4 2015 - 1 exploration well Subject to results of 3D; possible in 2017 - 1 exploration well Subject to results of first exploratory well; possible in H1 2019 - To complete Work Programme Extension CAP Energy 25 Licences: Work Programme & News Events Q2 2015 Q3 2015 Q4 2015 2016 2017 2018 Stage 3 Stage 3 Partial Farm-out Stage 1 Stage 2 Stage 2 Stage 2 Q2 2016 Block 1, Guinea-Bissau Partial Farm-out Stage 1 Block 5B, Guinea-Bissau Stage 2 Aug 2015 Stage 2 3D survey (1,000 km2) Q4 2016 Stage 2 Release of 3D results Q4 2017 Drilling 1 Well Release of 3D results Stage 3 Q4 2016 Stage 3 Drilling 1 Well Partial Farm-out Stage 1 Block Djiffere, Senegal Apr 2015 Release of 2D results Stage 2a Stage 2a Nov 2015 Stage 2b 3D survey (1,750 km2) Q2 2016 Stage 2b Q2 2017 Stage 2b Drilling 1 Well Release of 3D results CAP Energy 26 Near-Term Trigger Events Q2 2015 Oryx Petroleum to begin drilling in AGC Shallow Block (licence area containing Dome Flore & Dome Gea discoveries) Q2 2015 FAR, Svenska Petroleum to begin drilling in Block 2, Guinea-Bissau (licence area containing Sinapa discovery) Q2 2015 CAP Energy to release 2D seismic results from Block Djiffere, Senegal Q3 2015 CAP Energy to release 3D seismic results from Block 5B, GuineaBissau H1 2015 Kosmos Energy to release details of drilling campaign following completion of 3D survey in Q4 2014 2015 Cairn Energy to fast-track Senegal activity with multi-well appraisal testing of existing SNE-1 discovery and drilling of further exploration well on a look-a-like structure CAP Energy 27 Partners – Rex International Holding Rex Group (Rex Atlantic, Trace Atlantic Oil Limited, Trace Atlantic Djiffere Limited) Strategic partners CAP Energy has access to the proprietary technologies of Rex Technologies Management through its strategic JV partnership with Trace Atlantic Oil Limited in Guinea-Bissau and Senegal. CAP Energy and Trace have an agreement to target prospective sub-Saharan acreage with the use of Rex Virtual Drilling Analysis. Rex claims an 85% success rate with its technology, as recently demonstrated with the oil discovery in Block 50, Oman in February 2014. In January 2015, Caribbean Rex1 announced a commercial discovery in its South Erin concession, onshore Trinidad & Tobago. The asset was derisked using Rex Virtual Drilling and successfully encountered oil-bearing sands in all 3 wells drilled, 2 of which are deemed commercial. 1 Caribbean Rex is a 64.17% owned subsidiary of Rex International Holding CAP Energy 28 Partners – Rex Virtual Drilling Rex Virtual Drilling Used On 59 Prospects Monitored By North Energy Over Past 2 Years: Out Of 41 Wells Drilled, 35 Predictions Were Spot-on = 85% SUCCESS RATE 16 Predicted Positive 11 drilled with commercial oil (69%) 5 failures had weak anomalies 25 Predicted Negative 24 out of 25 were dry (96%) CAP Energy 29 APPENDIX CAP Energy 30 GM&P Technical Consultants Gas Mediteranneo & Petrolio Independent Technical Consultants BOARD GM&P is an independent petroleum consulting firm established in 2005 by a group of industry experts holding a long track record of working with Eni S.p.A. GM&P provides technical and commercial consultancy services to CAP Energy. Domenico Spada Managing Director Domenico has a Ph.D. in Chemical Engineering from the University of Rome. He has 37 years of experience with the Eni S.p.A Group, 18 of which were spent abroad. Domenico’s roles within Eni’s West Africa operations include serving as Chairman of the Board of Directors of Nigerian Agip, Eni Angola and Eni Congo. During this time Domenico was responsible for the “Brass LNG Project”, a farm-out of the Gabon and Mauritania assets, acquisition of new exploration acreage in Angola and managing an equity production of 400,000 BOPD. Roberto Carpi Chief Geophysicist Roberto achieved a first from Milan University in Petroleum Geology and shortly after began a successful 10 year stint with AGIP gaining high level field experience. He then enjoyed senior roles with Edison and various oil companies across the globe in places such as Iran, Romania, Kazakhstan and Egypt. As a lecturer with numerous publications to his name he is an expert in his field and has been with GM&P for over 4 years. MANAGEMENT Pier Luigi Puntri Reservoir & Petroleum Engineering Manager Pier earned a top class degree from the University of Bologna in Mining Engineering, Petroleum Eng. Section. He has built up over 40 years of experience in reservoir management working mostly with AGIP in Congo, Nigeria, Georgia and Italy. Piere is specialised in the areas of reservoir modelling, wells design, completion, and stimulation. Filippo Perfido Geoscience Manager Filippo has over 40 years of business experience in geology. He began his career with AGIP Nucleare working in Somalia, South America, Canada and Italy. He continued with ENI as a Senior Geologist and Project leader gaining exposure to West Africa operating conventional and deep offshore concessions in Nigeria. Filippo has been with GM&P for over 4 years. CAP Energy 31 Guinea-Bissau: Exploration Background 1960s-1990s 2000 Licensing Round 2000-to date 10 historic offshore wells drilled by Esso, ELF, Shell targeting mainly salt related traps: Deep anticlinal structures Carbonate bank Diapiric salt traps Renewed interest in region: New 2D & 3D seismic acquired Reprocessing & reinterpretation of vintage data Dome Flore & Dome Gea discoveries in AGC* 1 billion bbls STOIIP Confirm existence of working petroleum system Regional G&G studies highlight prospectivity of mature, oil-prone Albian, Cenomian, Turonian source rocks offshore Guinea-Bissau New data sets indicate existence of deep-water plays Sinapa discovery by Premier Oil in Block 2: 170 MMbbls STOIIP FAN-1 well discovery in Senegal further highlights potential of deepwater fans & shelf edge prospects in M.S.G.B.C Basin * AGC is the Joint Administration Zone between Senegal & Guinea-Bissau CAP Energy 32 Guinea-Bissau: Blocks 1 & 5B Water Bottom Map Water depth increases from the shore line at eastern part of Block 1 to about 100m at the western end In Block 5B, the water depth increases from about 200m in the NE to about 4000m at the SW CAP Energy 33 Guinea-Bissau: Block 5B, Water Depth Contour Map + CPR Leads CAP Energy 34 Guinea-Bissau: Block 1 Database CAP Energy 35 Guinea-Bissau: Block 5B Database CAP Energy 36 Senegal: Block Djiffere Database CAP Energy 37