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Tuesday, March 11, 2014
SacOil updated its activities in Nigeria and Malawi and according to the company, satisfactory progress has been made across the existing portfolio of exploration and appraisal assets.
In Nigeria on OPL 233, in preparation for the scheduled 3D seismic acquisition project an environmental impact assessment (EIA) on the block was completed by Tidalflow Nigeria Ltd. Both wet and dry season samplings were carried out for the EIA, and while the wet season sampling has been completed and the results approved by DPR, the dry season sampling is presently undergoing processing before being forwarded to the DPR.
The company reported that the government has also carried out the required site verification and EIA registration processes. The final report on the Seabed Hazard Survey by Epanoe Nigeria Ltd. has been delivered to, and accepted by the JV partners as well as the field’s seismic data acquisition contractor, Geomarine Systems Ltd., following successful completion of the work.
SacOil and its partners have commenced operations for the 3D Seismic Ocean Bottom Cable (OBC) survey, with mobilization of equipment for the survey in progress. The timeline envisages full mobilization to the site to be completed by the end of March 2014. To this extent, various equipment including the requisite gun boats and seismic recording cables have been delivered, while navigation equipment and seismic sensors are being air-freighted to compress the lead time to actual recording of data. Following mobilization, the 3D OBC acquisition work is expected to commence early April 2014 and be completed by the end of July 2014, subject to operational contingencies and weather related issues. Finalization of formalities for the seismic data processing contract is ongoing.
The 3D seismic data will provide valuable subsurface information relevant for the quantification of the license’s resource potential, as well as the selection of an optimal drilling location. The company expects the processing of the raw data and interpretation of results to be completed by Q3 2014. SacOil holds a 20% interest in OPL 233.
In Malawi the company initiated a satellite screening study associated with an environmental risk assessment for a proposed exploration program over Block 1, covering approximately 16,000 sq km across northern Malawi. The study was successfully completed in December 2013. At a meeting held in Lilongwe in December 2013, the results of the satellite study was presented to the Malawi Department of Mines and the 2014 budget and work program was also presented and approved.
With the positive results associated with the satellite environmental work, planning of the environmental and social impact assessments has now begun. In consultation with the Malawian government, SacOil is currently targeting to have all environmental work completed by Q3 2014. The company holds a 100% interest in the block.
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