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Tuesday, March 25, 2014
Panoro Energy, one of the partners on the OML 113, reported that the field development plan (FDP) for the Aje field in Nigeria has been approved by the Department of Petroleum Resources. Panoro Energy holds a 6.502% participating interest in OML 113.
The Aje FDP was submitted to DPR by the OML 113 JV partners earlier this year, and approval to develop Aje as proposed in the FDP has now been granted. The FDP is primarily focused on the development of the Cenomanian oil reservoir and in the first phase of development includes two subsea production wells, tied back to a leased FPSO. These wells will comprise the recompletion of the existing Aje-4 well, and a new well drilled to the Aje-2 subsurface location.
The FDP envisages first oil commencing in Q4 2015 with mid-case reserves of 32.4 million barrels. The Aje JV partners will take a FID shortly. Future phases of the project will likely target additional Cenomanian wells and a later Turonian/Albian gas condensate project is currently considered as a separate development in the future.Panoro has also announced that the JV partners in the OML 113 license are about to commence a 3D seismic survey over a portion of OML 113. The survey is being carried out by Polarcus as a part of joint acquisition program in combination with the neighboring block OPL 310 to the east, where significant discoveries were made in 2013. First Hydrocarbon Nigeria Ltd. (a JV partner on the OML 113) will, through their parent company Afren, manage the seismic acquisition operations and subsequent processing and interpretation of the seismic data. The Aje field and many of the leads in OML 113 are already covered by a 3D seismic survey acquired in 1997; however, it is expected that the new survey will provide a considerable improvement in data quality over the existing 3D data. It is envisaged that the data will enable better development planning for the second phase of development drilling on Aje and provide improved data to fully evaluate the exploration potential over the whole of the OML 113 license, including the exciting synrift exploration play that was significantly de-risked though the discovery made in OPL 310. The survey is expected to be completed by end of May 2014.
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