Petroleum Africa
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Friday, October 6, 2006
Syntroleum Corporation, along with its partners, Challenger Minerals Inc., Providence Resources PLC, Energy Equity Resources Ltd, and Yinka Folawiyo Petroleum Co. Ltd.(YFP) have decided to go ahead and drill another appraisal well on the Aje field offshore Nigeria. Lundin Petroleum and Palace Exploration Company have opted not to participate in the drilling of Aje-4. As a result, YFP, the Nigerian firm which holds the rights to OML 113, and Syntroleum are in active discussions with several additional companies interested in joining the participant group.
The Aje Field, located on Nigeria’s OML 113, was discovered in 1996 with the drilling of the Aje 1 and 2 wells which tested a combined rate of 6,255 bpd of oil and 1,729 bpd of condensate and 66.7 million cubic feet of gas per day. Since the drilling of the Aje-3 well, the participant group has re-processed the 3-D seismic and conducted a new evaluation of the data.
The reprocessing of the data combined with the results of the Aje-3 well has enabled the partners to determine a potential drilling location for the Aje-4 well. Syntroleum and its partners have until April 5, 2007 to commence drilling, subject to rig availability, under the terms of the agreement with the Nigerian government.
"We are encouraged by current discussions with other experienced companies that may be interested in working with us in Nigeria," said Jack Holmes, president and CEO of Syntroleum. "Syntroleum, Challenger Minerals, Providence Resources, Energy Equity Resources Ltd and YFP are optimistic about the commercial prospects of Aje-4."
"We believe the Aje field is a commercial discovery which can be economically developed due to the rapidly improving gas market in Nigeria and the rich yield of condensate and LPG in the gas," said Tunde Folawiyo, managing director of YFP. "We look forward to working with the existing group and their new partners to expedite the development of this asset."
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