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Tuesday, April 26, 2016
Sterling Energy and Pura Vida are considering their prospects on Madagascar’s Ambilobe Block. The pair are about to see Phase 2 of the Ambilobe PSC expire in July and must consider whether to move forward into Phase 3. The JV partners have completed all work commitments for the current phase.
According to Sterling, the partners are seeking an extension in order to complete the subsurface technical evaluation, prior to a decision whether to enter into Phase 3.
The 2015 3D seismic final Pre Stack Depth Migration product was received in Q1 2016 and is being interpreted. The evaluation is focused on high-grading and quantifying the lead inventory, to assess if drillable opportunities of sufficient risked materiality are present on block. This will help inform the commercial decision whether to enter into Phase 3, which carries a one well commitment.
The Ambilobe block is covered by an extensive database of vintage 2D data that led to the identification of a number of Cretaceous and Tertiary aged plays and leads, located in both shallow and deep waters. In June 2015 SE(UK)L as operator of the Ambilobe PSC completed a 1,175 sq-km 3D seismic survey to improve the technical description of the high graded lead area prior to the “drill or drop” decision by mid-2016.
The 3D survey acquired by CGG Services SA was completed on time and budget, without incident and fully compliant with all environmental regulatory requirements. Processing of the seismic data by ION Geophysical Company commenced in the second half of 2015, with interim products having been made available and reviewed in-house prior to 2015 year-end.
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