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Monday, August 11, 2014
The Fleurette Group’s exploration subsidiary, Oil of DRCongo, updated its seismic survey in the DRC on Blocks I and II. The company said that the interpretation of the recently processed seismic surveys acquired in 2013-14 over its prospects on the Lake Albert blocks is now complete.
The seismic campaign (first and second phases) covered approximately 700 km offshore and 150 km onshore and was carried out by Tesla (UK). The interpretation of the data was carried out by GeoTrace and Ecopetrol in conjunction with Sproule International.
The analysis indicates around 3 billion barrels of oil in place (STOOIP). As anticipated from early stage seismic results, the oil in place on the DRC side of Lake Albert mirrors that of the Ugandan side.
Oil of DRCongo invested in excess of $75 million in the exploration works on the blocks so far, including over $20 million on the seismic investigations.
The company’s next priority is the establishment of two exploratory wells plus a 3D seismic campaign acquisition focused on the most complex structures identified. It is presently carrying out a feasibility study aimed at evaluating the entire drilling exercise with particular reference to the two wells to be made on the identified prospects.
The preparation phase of the drilling includes relocation of some local communities, transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment. The tender documents for the drilling works are expected to be launched by the end of October 2014.
Giuseppe Ciccarelli, CEO of Oil of DRCongo commented: “These are very positive results from our extensive seismic campaign. We continue to believe the project has the potential to provide significant revenues and multiple other benefits to the people of the DRC, generating jobs, fuelling development and prosperity and contributing to social progress. We remain committed to making the investment necessary to progress the project, which has the potential to transform the DRC.”
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