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Wednesday, March 2, 2016
Mart Resources and its co-venturers, Midwestern Oil and Gas Company Ltd and SunTrust Oil Company Ltd provided an update on Umusadege field production for January 2016 and other operations. According to the partners, the field saw production average 19,590 bpd during January.
There were shutdowns on the pipelines the partners use for export with the NAOC export pipeline down for one day in January 2016 due to operational problems and the Umugini pipeline down for three days due also to operational problems and maintenance work.
Further to its previous disclosures regarding the absence of accurate and reconcilable injection data from SPDC, the operator of the Trans Forcados oil export terminal system, Mart advises that the company and its co-venturers have received unreconciled reports that include only preliminary gross oil injection volumes and estimated pipeline and export facility losses. From an initial review, it is not clear whether the reported volumes represent all producers on the system or only Mart and its co-venturers. Mart and its co-venturers have requested additional and more complete information from SPDC in order to accurately reconcile volumes and any attributed pipeline losses. However, based upon preliminary analysis of the volume and loss information provided, Mart has calculated that the average loss rate could range between 10% and 21% of gross oil injections.
OML 18 gross field production before pipeline losses reconciliation during December 2015 averaged approximately 37,750 bpd resulting in total production of approximately 1,170,390 bbls for the month. There was no field downtime during December 2015.
OML 18 gross field production before pipeline losses reconciliation during January 2016 averaged approximately 29,980 bopd resulting in total production of approximately 929,490 bbls for the month. There were approximately 8.5 days of field downtime during January 2016.
Mart holds an indirect working interest in OML 18 of approximately 10% through its share ownership of Martwestern Energy Ltd. that in turn owns 50% of the shares of Eroton Exploration and Production Company Ltd. (Eroton). At this early stage of Eroton operations, all Eroton’s sales proceeds are used to fund the operations and development of OML 18 and service Eroton’s debt.
As previously announced, the UMU-16 well was drilled to appraise the potential of a seismically defined structure located west of the existing producing area of the Umusadege field, the West Prospect. The well was drilled to a total depth of 11,372 ft. Based on the open hole wireline logs, pressure points, and bottom hole fluid samples, the UMU-16 well has encountered a total of 312 ft of gross pay in 15 hydrocarbon-bearing sands. The sands encountered are consistent with the geology of the main field, however the hydrocarbons in the West Prospect are accumulated in a separate, seismically defined structural high. The preliminary evaluations of the drilling, wireline logs and fluid sampling data indicate that UMU-16 has encountered 284 ft of gross oil pay in 14 sands, and 1 gas/condensate sand with 28 ft of gross gas pay.
The UMU-16 well has been completed in three sands using dual string, sliding sleeve technology. The completed intervals include the XVIb sand in the short string, and the XVIIIb and XIX sands in the long string that will access a combined 132 ft of the total 312 ft of gross pay encountered in the UMU-16 well. The initial production is expected to be from the XVIb and XIX sands, with the XVIIIb being produced after depletion of the XIX sand. The well is expected to be tested and brought on commercial production following the installation of the flow lines to tie back the West Prospect to the existing Umusadege central production facility.
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