Petroleum Africa
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Thursday, November 9, 2017
Nigerian indigenous firm, Optimum Petroleum Development Ltd, signed a financing term sheet for $850 million with Milost Global Inc. This is a working capital and development facility for the company which is being provided as a combo of debt and equity, of which $700 million will be an equity facility and $150 million will be debt facility.
Optimum will use part of the funds for rapid appraisal/developmental drilling and early production of the Ogo field. According to the company the de-risking of the field and other structures on OPL 310 through appraisal and exploration drilling remains the clearest path of unlocking the said value of our asset.
OPL 310 was awarded to Optimum in 1993 on a sole risk basis. The block was re-awarded in 2008 after the expiration of the first exploration phase. OPL 310 is highly prospective and on trend with the Aje and Seme fields located in the adjacent OML 113 and in offshore Benin respectively. Previous 2D and 3D seismic acquired revealed a number of prospects with potential for oil and gas accumulations. The three play types identified on the block include: Aje-look-alike closed structure over basement highs; subcrop – stratigraphic on lap and truncation traps; and fans – deep-water submarine fans. The Ogo structure in OPL310 is exactly analogous to Aje field, and on trend 25 km to the east.
OPL 310 has total potential recoverable reserves estimated at more than 8,453 million barrels of oil equivalent.
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