12th Jan 2010 07:00
Afren plc (AFR LN)
12th January 2010
Afren plc announces successful completion of the Ebok-6 appraisal well offshore Nigeria and a further upgrade to Ebok volumetrics
Highlights
Ebok-6 appraisal well completed and exceeded pre drill expectations
Ebok-6 encountered a total of 107 ft gross oil pay in the LD-1A and D2 reservoir sands
D2 Southern Lobe STOIIP upgraded from 33 mmbbls pre drill to 135 mmbbls oil, representing a 400% increase in volumes
Gross technically recoverable volumes post Ebok-6 are expected to increase to 23 mmbbls, based on reservoir modelling work currently underway (8 mmbbls pre drill)
Upgrade to total Ebok field volumetrics of 425 mmbbls STOIIP and 116 mmbbls estimated recoverable
Total Ebok resource potential increased to 182 mmbbls recoverable
Ebok-6 appraisal completion marks successful conclusion of three well pre-development appraisal phase
First phase of Ebok field Development underway with five horizontal oil production wells in the D2 resevoir
Ebok-6 appraisal well results
The Ebok-6 appraisal well was drilled by the Transocean Adriatic IX jack up drilling unit to a total depth of 4,296 ft md on the Ebok D2 Southern Lobe ("D2SL"), with drilling operations completed on 27th November 2009. The well encountered a total gross hydrocarbon column of 107 ft (comprising 82 ft in the D2 and 25 ft in the LD1A reservoirs).
Continued incremental reserves growth
The greater than expected hydrocarbon column has lead to an upgrade in D2SL volumetrics post Ebok-6 to 135 mmbbls STOIIP of which 23 mmbbls is estimated as recoverable (versus pre-drill estimates of 33 mmbbls STOIIP, 8 mmbbls recoverable). This increases total 2P Ebok recoverable reserve estimates to 116 mmbbls.
Completion of the Ebok-6 appraisal well represents the successful conclusion of the pre-development Ebok appraisal phase (Ebok-4, Ebok-5 and Ebok-6 wells). Based on a pre farm-in gross reserve estimate of 25 mmbbls, appraisal drilling to date has confirmed an incremental 91 mmbbls recoverable through a 100% drilling success rate. This is a strong endorsement of Afren's regional understanding and interpretation of the subsurface.
Continued appraisal and development of the Ebok field
Following completion of the Ebok-6 well, work on Development Phase 1a commenced on 9th December 2009.
The first phase development plan comprises five horizontal oil production wells in the D2 reservoir, one horizontal oil production well targeting the D1 reservoir and one water injection well in the central Fault Block 1 and Fault Block 2 areas of the field. All wells will be drilled from a single field location via a Well-head Support Structure ("WSS") and mobile offshore production unit ("MOPU"). Fabrication of the WSS is complete and is in transit for delivery to the project. The Company is in the process of finalising contract discussions on the production facilities. Associated gas produced will be utilised as fuel for the facilities' power generation and as gas lift to assist well productivity.
Following completion of the initial development phase, the subsequent development phases will incorporate the full development of the D2 Southern Lobe, D1 reservoir (Fault Block 1 & 2 areas), and Fault Block West, whilst appraising the potential within the West Flank Qua Iboe structure, the D2 Upside Extension and the Fault Block North (cumulative total of 212 mmbbls STOIIP and 66 mmbbls recoverable).
Osman Shahenshah, Chief Executive of Afren, commented:
"The Ebok-6 appraisal well represents a successful conclusion to the three well pre-development Ebok appraisal phase. We have significantly upgraded reserves at the project to 116 mmbbls recoverable, representing an incremental 91 mmbbls recoverable, through a 100% drilling success rate. While the first phase development is underway, we will continue to de-risk the remaining appraisal and exploration upside potential across the broader Ebok - Okwok complex with the objective of delivering further material reserves growth."
Alhaji Mohammed Indimi, Chairman of Oriental, commented:
"The Ebok-6 appraisal well, supplements the Ebok-4 and Ebok-5 drilling successes, all of which have exceeded the Afren-Oriental partnership pre-drill expectations and materially increased the Ebok resource base."
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Enquiries: |
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Afren plc |
+44 20 7451 9700 |
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Osman Shahenshah |
Chief Executive |
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Galib Virani |
Head of Acquisitions and Investor Relations |
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Pelham Public Relations |
+44 20 7337 1500 |
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James Henderson |
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Mark Antelme |
Finsbury +44 20 7251 3801
Roland Rudd
Andrew Mitchell
Notes to Editors
Afren is an African focused independent oil and gas exploration and production company
listed on the main market of the London Stock Exchange. Afren has established itself as
a significant oil and gas producer with current production of 23,000 working interest
boepd of oil, gas and natural gas liquids. Afren has a reserves and contingent resource
base of 178 net mmboe with additional prospective resources identified of 815 net
mmboe, across Nigeria, Côte d'Ivoire, Ghana, Congo Brazaville, Gabon and the Nigeria
- São Tomé & Príncipe JDZ.
For further information please refer to www.afren.com.
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