Electro Silica ltd. has acquired 50% of Atlantis Holding Norway AS interests in the Oman block 40.

Source: www.GulfOilandGas.com 9/3/2003, Location: Middle East

Electro Silica ltd. has acquired 50% of Atlantis Holding Norway AS interests in the Oman block 40, covering some 12,000 km2 in the southern Arabian Gulf. Drilling will start in September 2003.

Large low risk structures identified in under-explored offshore basin, close to new markets. Atlantis estimates that the Block could contain unrisked recoverable reserves of between 150 and 200 Bcf (with a condensate gas ratio in the order of 40 bbls/mmcf). The depth to the top reservoir in the Salama is prognosed at around 5,000 feet, with structural closure mapped to be approximately 16 km2. Combined reserves of the three follow-on, analogue prospects offer the potential for an additional 500+ Bcfr.

The total reserve potential could be in excess of 1.5 Tcf recoverable. The project involving the supply of gas from Qatar’s North Field is designed to meet much of the existing and anticipated gas demand. Atlantis has already done the exploration: seismic database includes some 4,000kms of data in 10 separate survey areas over its licenses, including Block 40.

Analysis show that 12 wells have ever been drilled on valid closures. Of these, all are discoveries equating to an unprecedented 100% success rate. Seven of these discoveries are now in production. Five are under development, or being considered for development.

Possibility of extending automatically the licence for Bock 40 for an additional one year period. Minimum financial commitment of US$ 700,000 for the acquisition of 500km of new seismic data. Estimated cost of the well is US$ 8 million and is expected to take 35 to 40 days to reach TD.

Excellent economics.
The fiscal terms in Block 40 are considered low, requiring modest annual rental fees.
Cost Oil/Gas percentages vary between 40% and 70%, and Profit Oil/Gas percentages between 30% and 39.5%. A commerciality bonus is payable in the event of commercial discovery and depends, for gas, upon the level of condensate.

Gas domestic market hungry for new finds. This block meets the growing demand for gas in the Arab Emirates. Based on a modest 40-45 mmcf per day flow rate, economics based on a local gas price of $1.4/mscf, a 150 Bcf discovery would not only be commercial but could generate a NPV @ 10% of over US$ 30 million and project IRR of around 30% Recoverable reserves above 75-100 Bcf are considered commercial on an individual field basis.


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