Gulf Oil and Gas accountACCOUNT

Afren Completes Farm out Agreement on OPL 310

Source: www.gulfoilandgas.com 5/14/2013, Location: Africa

Share |
Afren plc announces the completion of a farm out agreement with Lekoil Limited ("Lekoil") on the OPL 310 licence, located offshore Nigeria, and an update on the exploration drilling programme on the block.

Afren is pleased to announce that it has completed a farm-out agreement with Lekoil (subject to Nigerian Ministerial Consent), in respect of a 17.14% participating interest in the OPL 310 licence located offshore Nigeria. Under the terms of the farm out, Afren will receive a total carry of up to US$50 million in respect of an exploration well currently being drilled at the Ogo prospect and a planned side-track well. The indigenous Nigerian company Optimum Petroleum Development Ltd. ("Optimum"), the named Operator on the block, will continue to hold a 60% participating interest, with Afren providing technical assistance to Optimum in respect of Optimum's obligations under a Technical Assistance Agreement.

OPL 310 is located in the Upper Cretaceous fairway that runs along the West African Transform Margin and lies close to the Aje field, which has been declared commercial. Extending from the shallow water continental shelf to deep water, the block represents an exploration opportunity in an under-explored basin with a proven working hydrocarbon system in close proximity to the Tano Basin. Detailed evaluation of the block has identified several prospects lying in the same Turonian, Cenomanian and Albian sandstone intervals that have yielded significant discoveries in Ghana and Côte d'Ivoire. In its most recent independent assessment NSAI evaluated gross P50 unrisked prospective resources on OPL 310 at 476 mmboe.

The first exploration well to be drilled by the Partners is on the Ogo prospect, which is a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs, targeting 78 mmboe of gross P50 prospective resources. Exploration drilling, using the GSF Transocean Monitor rig, commenced on 23 April 2013 and is currently drilling at a depth of 3,500 ft. The drilling programme is expected to last 90 days and will include a planned side-track, which will test a new play of stratigraphically trapped sediments that pinch-out onto the basement high targeting 124 mmboe of gross P50 prospective resources.

Osman Shahenshah, Chief Executive of Afren, commented:
"We are delighted to have successfully concluded a farm-out on OPL 310, offshore Nigeria and welcome Lekoil as a Partner in exploring the significant potential of this under-explored region of the West African Transform Margin."

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Nigeria >>

Italy >>  10/17/2017 - Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian...
Australia >>  10/13/2017 - Key Petroleum has announced that subsequent to the agreement of binding terms for the acquisition of AWE's 100% interest in Production Licence L7 (R1)...

United States >>  10/13/2017 - Chaparral Energy, Inc. has entered into a definitive agreement to sell its North Burbank and Texas Panhandle enhanced oil recovery (EOR) assets for $1...
Ivory Coast (Cote D'Ivoire) >>  10/12/2017 - Tullow Oil plc (Tullow) has acquired 90% stakes in four onshore blocks in Côte d’Ivoire. Petroci, the national oil company of Côte d’Ivoire, holds the...

Netherlands/Holland >>  10/12/2017 - Fugro and Global Marine Holdings LLC have signed an agreement under which GMG will acquire Fugro’s trenching and cable laying business in exchange for...
South Africa >>  10/12/2017 - Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore Plc and a group of black South African-owned companies of Ch...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

Oil & Gas Projects in Nigeria >>

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.