OML 113 Aje Field
|Aje Field||Development||6.502%||Yinka Folawiyo Petroleum*, New Age, 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. The Aje Field was discovered in 1997 in water depths ranging from 100-1,500m. Unlike the majority of Nigerian Fields which are productive from Tertiary age sandstones, Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian age sandstones. Five wells have been drilled to date on the Aje Field. Aje-1 and Aje-2 tested oil and gas condensate at high rates from the Turonian and Cenomanian reservoirs and Aje-4 confirmed the productivity of these reservoirs and discovered an additional deeper Albian age reservoir. Aje-5 was drilled in 2015 as a development well for the Cenomanian oil reservoir. The OML 113 license has full 3D seismic coverage from surveys acquired in 1997 and 2014.
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, the new Aje-5 well and a re-completed Aje-4 well, and a leased FPSO. The initial 2 wells will produce an estimated mid case of 28.5MMbbls 41° API oil with production starting early 2016 at a rate of circa 1,100 bbls/day (net to Panoro). Two further wells, Aje-6 and Aje-7, 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 completing. The drilling was completed in 4Q 2015 and will be followed by installation and production start-up.
|Water Depth||91 m|