Petroleum Africa
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Tuesday, May 25, 2021
ADM Energy PLC announced that it has commissioned Xodus Group Ltd, a leading global energy consultancy, to produce an updated Competent Person’s Report (CPR) on the Barracuda Field in Nigeria’s OML 141.
The new CPR is the next step in the agreed scope of work under the Risk Sharing Agreement (RSA) for the development of the Barracuda Field, in which the Company holds an indirect interest. The independent report will provide a full technical and economic review of the Barracuda Field, assessing the latest data to define the asset’s geological profile and estimated gross in-place and recoverable oil and gas volumes from oil and gas accumulations located in NW OML 141 License Area, onshore Nigeria. Xodus will use the Society of Petroleum Engineers (“SPE”) Petroleum Resource Management System (PRMS), updated in 2018, for classification of the oil and gas volumes. This provides more clarity on classification of resources than the PRMS of 2007.
It is expected that the CPR will take four to six weeks. The company will report the results to the market once completed.
Osamede Okhomina, CEO of ADM Energy, said: “The new CPR is the springboard for the RSA Consortium’s plans to develop the Barracuda Field and take the asset into production. It will validate the appraisal work already conducted by our internal technical team, which has defined immediate recoverable reserves and significant potential beyond. We believe that first oil of 4,000 BOPD may be possible and, subject to rig availability, could be achieved in H2 2021 by drilling an appraisal well (Barracuda-5). If this is successful, there may be the opportunity to further increase production to approximately 23,000 BOPD by drilling six wells by 2026.
“Since finalizing the acquisition last month, we have moved swiftly to secure the services of key technical partners and have now officially commissioned Xodus to produce the CPR. We are pleased by progress at Barracuda to date and will continue to take a proactive role in driving the project forwards towards production.”
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