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Wednesday, May 15, 2013
Afren completed a farm-out agreement with Lekoil, subject to government approval, in respect to a 17.14% participating interest in OPL 310. The OML is located offshore Nigeria close to the Aje field.
Under the terms of the farm out, Afren will receive a total carry of up to $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., operator of 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.
A detailed evaluation of OML 310 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 April 23 and is currently drilling at a depth of 3,500 ft.
The drilling program 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 said “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.”
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