27th Mar 2014 15:04
LONDON (Alliance News) - Lekoil Ltd Thursday said it has commenced 3D seismic studies of the OPL 310 site offshore Nigeria, which includes the major Ogo discovery.
The oil and gas exploration and development company said the Polarcus vessel has commenced the study, which will cover an area of roughly 1,505 square kilometres, or about 80% of the entire block, which is joint owned by Lekoil, Afren PLC and Optimum Petroleum Development Ltd.
The company said previous 3D seismic data, covering 20% of the site, along with 2D and electromagnetic data, was used to define prospectivity ahead of the drilling of its Ogo-1 and Ogo-1 sidetrack late in 2013, which led to a bonanza oil find in November.
At the time, the OPL310 site showed a gross recoverable P50 resource estimated at 774 million barrels of oil equivalent, almost four times more than their originally targeted 202 million barrels.
Lekoil said the new 3D acquisition is expected to be completed in the second quarter.
The company said that following the completion and evaluation of data, the partners on site will use the data to de-risk opportunities in the OPL 310 acreage surrounding the Ogo discovery, with plans to drill an appraisal well on Ogo in the second-half, ahead of development planning.
Lekoil shares were down 1.8% to 54.00 pence and Afren shares were down 4.0% to 144.83 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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