Petroleum Africa
Find us on: 
Wednesday, September 24, 2014
Lekoil saw a significant upgrade to its 2C oil reserves estimates for its 40% participating interest and economic interest in the Otakikpo Marginal Field on OML 11, offshore Nigeria. AGR TRACS International Ltd. carried out a comprehensive review of the surface and subsurface data provided by Lekoil.
Following the review, AGR TRACS reported that the gross unrisked 2C Contingent Resources for Otakikpo were estimated to be 56.75 mmbbl. This compares to the 36 million barrels of gross oil resources in the most recent 2C resource estimates available at the time of the company’s acquisition of the interest in Otakikpo in May 2014 through Lekoil Nigeria’s wholly owned subsidiary Lekoil Oil and Gas Investments Ltd.
Economic evaluations were also carried out by AGR TRACS, in respect of Lekoil’s estimated net resources, under $80, $100, and $120 per barrel oil price scenarios for the economic life of the field, which indicate that the planned development of Otakikpo is a robust project under all three oil price scenarios.
In addition, Stock Tank Oil Initially In Place (STOIIP) ranges have been estimated by AGR TRACS for four exploration prospects within the onshore part of the Otakikpo acreage and, in total, these are estimated (on a P50, unrisked basis) to contain potential gross aggregate Oil in Place volumes of 162.8 million barrels. The company also believes that additional prospectivity exists in the southern (shallow water) portion of the acreage which will be defined by further studies and appraisal in due course.
Lekan Akinyanmi, Lekoil’s CEO, said, “As the technical & financial partner, we are very pleased that AGR TRAC’s review has confirmed our initial view of the attractiveness of the Otakikpo project. This CPR increases estimated unrisked oil resources net to Lekoil by over 45% and has reinforced the economics of the development. This is a robust project that will provide us with near term production, cash flow and exploration upside as we continue to pursue our wider goal of becoming a much larger, Africa-focused E&P company.”
" alt="ReconAfrica Updates Activity on Upcoming Namibia Drilling Program">
" alt="SDX Disposes of West Gharib Asset in Egypt">
" alt="Botala Increases Stake in Botswana’s Serowe CBM Project">
" alt="Petrofac Awarded Technical Services Contract by GEPetrol">
" alt="Uganda Signs its Fourth CPF with International Atomic Authority">
" alt="EcoFlow Introduces Loadshedding Technology to South Africa">
