Petroleum Africa
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Friday, March 14, 2014
At an investor conference in London, PA Resources’ CEO Mark McAllister updated the company’s activities in Africa, as well as Germany and Denmark. In Tunisia McAllister reported that an updated plan of development (POD) for the Zarat field, making optimum use of the existing Gulf of Gabes infrastructure, is being prepared in co-operation with ETAP and is on schedule for completion in mid-2014.
Additionally in Tunisia, the Zarat Unitization and Unit Operating Agreement (UUOA) is in an advanced state of negotiation. With an interim government now in place, approval for the renewal of the Zarat license (Avenant 5) is expected shortly and completion of the farm out to EnQuest should follow in Q2.
At the Didon field in Tunisia, a program of production enhancement commenced following the upgrade of the production tanker in 2013. The most recent technical and commercial analysis shows potential for the installation of electrical submersible pumps (ESP) in a number of the current production wells. The first of these ESP installations will begin in April and results will determine whether or not further drilling is required to fully exploit the Didon field. Drilling of an appraisal well on Elyssa remains on schedule for late-2014 or early-2015.
In Equatorial Guinea the POD for Diega is scheduled to be submitted in 2014. Initial indications following the long term drill stem test are that recoverable volumes will be higher than the 30 million barrels assumed by PA Resources in the August 2013 financial projections. The Carla South field is currently considered sub-commercial but will be re-evaluated following new 3D seismic acquisition planned for this year.
The assignment of a 60% working interest in the Mer Profond Sud exploration area offshore the Republic of Congo to SOCO received governmental approval, subject to regulatory approval to enter into the third and final period of the license. Abandonment of the Azurite field continues and is presently around 80% complete.
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