Oryx Petroleum Corp. Ltd. has acquired an 85% interest in the AGC Central license located in the joint development offshore area between Senegal and Guinea Bissau (AGC), the company said in a news release.

The license covers 3,150 sq km (1,216 sq miles) in water depths ranging from 100 m (328 ft) to 1,500 m (4,921 ft), an area that was previously included in the AGC Profond license area. Previous operators in the AGC Profond license area have focused activities on the deepwater portions of the license, the release said.

Oryx Petroleum will hold an 85% participating interest and serve as operator with L’Entreprise AGC holding the remaining 15%. Terms of the joint operating agreement between partners and the PSC largely emulate the terms for the AGC Shallow license area. Notably, L’Entreprise AGC’s share of costs will be carried through exploration and they will have a back-in right for an additional 5% paying interest in the license upon declaration of commerciality, according to the release.

A signature bonus was paid in conjunction with the signing of the PSC, which includes three exploration periods of three, two and two years. Commitment in the initial three-year exploration phase is the acquisition of 750 sq km (290 sq miles) of 3-D seismic data.

Based on available technical data Oryx Petroleum said it has identified a carbonate edge play type with potential Cretaceous clastic/carbonate structures. The play type is similar to plays being pursued in similar water depths in Senegal by other industry participants. The play type also shares some commonalities in terms of a working petroleum system with play types that Oryx Petroleum has identified in the AGC Shallow license area.

Oryx Petroleum also holds an 85% participating interest in and serves as operator of the AGC Shallow license area, a 1,700 sq km (656 sq miles) license area in water depths up to 100 m (328 ft), the release said. Based on technical data the group has identified two play types in three structures: subsalt related structural traps in the Albian and seismic amplitude prospects in the Maastrictian. 3-D seismic data has been acquired, processed and analyzed and the group is finalizing drilling plans with the drilling of the first exploration well expected in the first half of 2015.