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Amobe

Amobe

The Amobe prospect is a large, clearly defined structure. It is comparable to Opuama in terms of both structural style and areal extent, and shows closure over a 5,000 feet vertical interval, between depths of 5,000 and 10,000 feet.

Type: Prospective resource

Gross best estimate: 78.4 mmbbls

Gross high estimate: 340.1 mmbbls

Location: OML 40 West

Reservoir depth: 4,300–8,300ft

Distance from Opuama Flowstation: 6.3km to the NW

Amobe is located on the fault panel immediately to the north of the Opuama fault panel and its crest lies less than seven kilometres from the crest of the Opuama structure.

NSAI, in its CPR of December 2017, assessed unrisked gross prospective resources in Amobe to be in the range 15.3 MMstb (low estimate) – 78.4 MMstb (best estimate) – 340.1 MMstb (high estimate), with a probability of success of 42%. Eland’s assessment of low and best estimate prospective resources is similar, at 15 MMstb and 80 MMstb respectively, but its estimate of high case prospective resources is lower than that of NSAI, at about 200 MMstb. However, Eland carries a higher probability of success (65%) than does NSAI.

Regardless of which assessment of prospective resources and probability of success is preferred, the basic facts are simple: Amobe is a large, low risk prospect, whose location close to the Opuama production facilities would, in the event of a discovery, enable even the low case volume to be developed economically. For these reasons, Amobe is the top-ranked prospect in OML 40. Plans are being developed to drill an exploration well to test the Amobe prospect in late 2018 or 2019.

Significant Upside in Prospective Resources

The updated Competent Persons Report (CPR) as of December 2017 provided by Netherland, Sewell & Associates Inc. (NSAI) assessed unrisked gross prospective resources in Amobe to be in the range 15.3 MMstb (low case) – 78.4 MMstb (best estimate) – 340.1 MMstb (high case), with a probability of success of 42%.

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