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Wednesday, December 11, 2013
Schlumberger completed an independent field evaluation study on the Ororo field on Nigeria’s OML 95, according to a release from Sirius Petroleum. The study confirms significant recoverable resources in the field that are higher than the company’s original estimates.
According to the Schlumberger assessment, the Ororo Field hydrocarbons in place are estimated at 35.2- 44.1 million barrels (P50 – P10 oil-in-place). There were seven oil bearing sands (D1, D2, D3, D4, D5, F and G) identified in Ororo-1 well. The P50 – P10 recoverable oil from the single Ororo-1 well is estimated at 10.0 million barrels to 12.8 million barrels.
The Ororo-1 well flow tested at a combined production rate of approximately 2,800 bpd of oil from two oil producing sands and contains 125 ft true vertical thickness of net oil pay. The Ororo-1 well did not encounter any hydrocarbon water contact in any of the seven hydrocarbon bearing reservoirs which suggests that the contacts are located down dip of the Ororo structure.
The combined results from the petro-physical analysis, seismic interpretation, and volumetric studies show the exploitation potential of the field is good.
Bobo Kuti, CEO, Sirius Petroleum commented, “The independent assessment of the oil in place in the first of our portfolio of assets to be exploited, the Ororo field, indicates a greater asset base than we had originally expected. The long awaited decision to proceed with this development is a major first step for the Company, from which it can build value for shareholders. Schlumberger has been involved in the project from the earliest stages of the Ororo field and, due to the results from the field evaluation; we are now in discussions with Schlumberger to provide project management and drilling services to accelerate our development activities on this asset in order to get it to first oil. The partnerships with Schlumberger and Glencore, which has an off-take agreement in place with Sirius, demonstrate confidence in our asset portfolio and the strategy of the Company to acquire and exploit proven oil and gas assets.”
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