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Aje Field estimated to hold 23.4 MMbbl offshore Nigeria

26th August 2014

A Yinka Folawiyo-led joint venture has completed development planning studies of the Aje Field offshore Nigeria and plan to proceed with field start-up, according to venture partner Jacka Resources

Aje Field estimated to hold 23.4 MMbbl offshore Nigeria
The Field Development Plan (FDP), which was approved by the Nigerian Department of Petroleum Resources (DPR) in Q1 2014, is primarily focused on the Cenomanian oil development

The joint venture participants have undertaken detailed development planning studies of the Aje Field which have now been completed and they are currently considering the proposal to proceed with the Phase 1 Cenomanian oil development. A Final Investment Decision (FID) is expected in the near future with first production expected at the end of 2015.

The operator is Yinka Folawiyo Petroleum, junior members include Jacka Resources, New AGE, First Hydrocarbons Nigeria, Energy Equity Resources and Panoro Energy.

 “Jacka is pleased to achieve this milestone in the development of the Aje Field and of the company,” said Max Cozijn, Jacka chairman. “Following the final investment decision by the joint venture the first significant activity in the field will be the drilling of Aje-5 and the completion of this well and the existing Aje-4 well, in Q1 2015. Installation of the production facilities, including tying the wells to the FPSO, will occur later in 2015. Jacka looks forward to achieving first commercial production at the end of 2015.”

An independent competent persons’ report on the Aje Field recently completed by AGR TRACS International on behalf of the joint-venture partners has indicated that the gross 2P oil reserves for the Phase 1 Cenomanian oil development are 23.4 million barrels.

The gross 2C contingent resources total an additional 179 million barrels of oil equivalent, of which 15.7 million barrels of oil is attributable to the Phase 2 Cenomanian oil development and the remainder to the later Turonian gas/condensate development.

The Aje Field is located in OML113, approximately 24 kilometres offshore western Nigeria.

OML113 covers an area of 835 square kilometres and water depths range from less than 100 metres to approximately 1,500 metres. The field, which is defined by 3D seismic, can be developed with wells drilled in conventional water depths of approximately 100-400 metres. A new 3D seismic survey, covering the whole of OML113, was acquired earlier in 2014 and will be used for locating subsequent development wells as well as pursuing exploration and appraisal targets, including the possible extension of the Ogo discovery from the adjacent OPL310 exploration area.

The initial field discovery well, Aje-1 was drilled in 1996. A total of four wells have now been drilled on the Aje Field and hydrocarbon resources proven at three reservoir levels (Turonian, Cenomanian and Albian). The Cenomanian has been penetrated by Aje-2, -3 and -4. Aje-3 is located beyond the Cenomanian field limits and has a poorly developed Cenomanian section.

Aje-2 and Aje-4 both intersected the Cenomanian oil pay and the Aje-2 well flowed on test at a maximum rate from the Cenomanian reservoir of 3,766 barrels of oil per day on a 72/64” choke. The Aje-4 well was not tested but after evaluation of wireline logs it was cased and suspended as a future producer.

The Aje Cenomanian crude is light, sweet undersaturated oil of approximately 39.4 API gravity with a gas oil ratio of 375-480 scf/bbl.

The joint venture expects to develop the Aje Field in multiple phases. The Field Development Plan (FDP), which was approved by the Nigerian Department of Petroleum Resources (DPR) in Q1 2014, is primarily focused on the Cenomanian oil development and the key elements of the Phase 1 development, for which reserves have been assigned, are:

  • drilling and completion of a new well, Aje-5, which will be drilled to a bottom-hole location near the Aje-2 well;
  • re-entry and completion of the previously drilled Aje-4; and
  • oil production from the two wells to a leased Floating Production, Storage and Offtake vessel (FPSO) via

  • a subsea manifold and flowlines. An initial field production rate of approximately 10,000 barrels of oil

  • per day is anticipated. Solution gas will be used as fuel.

  • Drilling and completion operations are expected to commence in Q1 2015, with FPSO installation in mid-2015. First oil is expected by the end of 2015.

Estimates of petroleum recovery have been made using 3D static geological models and reservoir simulation models which have been calibrated to the well, log and test data.

All major contractors have been identified (FPSO/installation/flowlines/drilling etc) and contracting discussions are advanced, in most cases to draft contracts; which provides assurance on cost and availability of services.

No crude sales agreements have yet been entered into for the project but as the Cenomanian oil is a light crude and the project is located on major shipping routes to and from Nigeria’s main oil producing areas, sales and access to transport is not expected to be a problem.

Following the approval of the FDP by the Nigerian authorities in Q1 of this year, there are no major environmental or regulatory approvals outstanding.

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