OML 113 Aje Field
|Aje Field||Development||6.502%||Yinka Folawiyo Petroleum*, New Age, FHN (Afren Subsidiary), Energy Equity Resources, Jacka Resources|
*Operator of the Field
Panoro Energy ASA has a 6.502% interest in OML 113 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 Jubilee field offshore Ghana. Four wells have been drilled to date on the Aje Field. Aje-1 and Aje-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.
In March 2014 the Government of Nigeria approved of the Aje Field Development Plan (“FDP”) and in October 2014 the Final Investment Decision (“FID”) for the project was made. The FDP describes a development of the Aje Cenomanian oil reservoir via two subsea wells and a leased FPSO. The initial 2 wells will produce an estimated mid case of 28.5MMbbls 41° API oil with production starting by the end of 2015 at a rate of 10,000 bbls/day. Two further wells are expected to bring total Cenomanian oil production up to over 50 MMbbls. A third Turonian gas condensate development phase is being conceptualised and will likely involve 3 or 4 wells producing over 500 bcf of gas, 22 MMbbls of condensate and 40 MMbbls of LPG. The development project activity is well underway with works on the FPSO and subsea equipment ongoing. Drilling is expected mid 2015 followed by installation and production start-up by year end.
Processing of about 1,000 km2 of newly acquired 3D seismic data is underway with depth migrated products expected during Q2 2015. It is expected that the new survey will provide a considerable improvement in data quality over the existing 3D data. It is envisaged that the data will enable better development planning for the second and third phases of development drilling on Aje and provide improved data to fully evaluate the exploration potential over the whole of the OML 113 license, including the exciting synrift exploration play that was significantly de-risked though the Ogo discovery made in OPL 310 in 2013.
|Water Depth||91 m|