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OML 113 Aje Field

Asset Status Ownership Partners
Aje Field Development 6.502% Yinka Folawiyo Petroleum Company Limited*, Chevron Nigeria Deepwater H Limited, Vitol Exploration Nigeria Limited, PR Oil & Gas Nigeria Limited

*Operator of the Field

Panoro Energy ASA has a 6.502% interest in OML113 which is operated by Yinka Folawiyo Petroleum (YFP) and is located in the extreme western part of offshore Nigeria adjacent to the Benin border. The licence contains the Aje field as well as a number of exploration prospects.

Aje Field was discovered in 1997, in water depths ranging from 100-1500m. Unlike the majority of Nigerian Fields which are Tertiary sandstones, Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones, and as such has more affinity with the recent Jubilee and Tweneboa discoveries offshore Ghana.

Four wells have been drilled to date on the Aje Field. Aje-1 and -2 tested oil and gas condensate at high rates. Aje-4, drilled in early 2008, logged significant pay and confirmed the presence of four productive reservoirs. The Aje Field has full 3D seismic coverage.

The Aje Field development is being managed by Chevron, as Technical Advisor to YFP. There is a unique gas sales opportunity available to the partnership, which also includes Vitol and Providence Resources, via access to the West Africa Gas Pipeline (“WAGP”). The WAGP was commissioned in May 2009 to provide Nigerian gas to end-users in Benin , Togo and Ghana , and is routed directly through OML113, only 5km from the Aje Field. The location of the Aje field only 43km south west of Lagos may also provide a ready market for gas and associated LPG’s.

Technical information
Location Benin Embayment
Block OML 113
Water Depth 91 m
Reservoir Abeokuta Formation