Petroleum Africa
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Tuesday, August 25, 2009
Afren plc has entered into a Joint Venture agreement (JV) with Oriental Energy Resources Ltd. and Addax Petroleum Nigeria Offshore Ltd. for the development of the Okwok Field, located in OML 67 offshore South East Nigeria, adjacent to the Ebok development, the company announced today.
Afren will earn its share through a farm-in agreement with Addax Petroleum to acquire 70% of its 40%, for a net 28% in the Okwok field.
Okwok was discovered by the ExxonMobil/NNPC Joint Venture (Okwok-1), with two subsequent appraisal wells drilled (Okwok-2 and Okwok-3). In 2006, Oriental and Addax Petroleum drilled three additional exploration/appraisal wells on Okwok.
Afren estimates that Okwok holds in excess of 225 million barrels of Stock Tank Oil Initially In Place (STOIIP) with recoverable reserves in excess of 70 million barrels. Afren says it has also identified two prospects with significant exploration potential at the deeper Qua Iboe level, each estimated to contain around 200 million barrels STOIIP.
Afren believes that the Okwok field has development synergies with the Ebok field in which it holds a 40% interest and is also partnered with Oriental, and that enhanced understanding of regional geology, through Ebok, and relevant technical experience will aid optimal appraisal and development of Okwok.
The near-term work program Afren says will consist of detailed sub-surface technical studies to determine an optimum exploration or appraisal well location, the definition of an optimum field development concept, and preparation for a potential well to be spud in mid 2010 or earlier, depending on rig availability.
Afren also holds interests in five other Nigerian Blocks – Okoru Setu, Ogedeh, Ofa, OPL 907, and OPL 917. In the Nigeria-Sao Tome & Principe Joint Development Zone the company holds a minority interest in Block 1 which Chevron operates. The company also holds stakes in the West African countries of Cote D’Ivoire, Gabon, Congo, and Ghana.
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