The Ubima-1 re-entry well represents Eland’s diversification towards production outside OML 40. It is the first well to be worked on in the licence by Eland and its partner.
Eland has a 40% interest in the Ubima Field licence and is the Technical and Financial Partner on the field development and production operations. The onshore area covers 65km2 in the northern part of Rivers State, Nigeria, and has been carved out of OML 17.
- Discovered: 1963
- Reservoir Depth: 5,000–9,800ft
- Location: Onshore 40km North of Port Harcourt, carved out of OML 17
- 40% interest in the Ubima Field acquired from All Grace Energy Limited in August 2014.
- Initial farm-in fee of $7 million; contingent production payment of $3 million payable following production of 2,000 bopd gross over a thirty day period.
- Eland is the Technical and Financial Partner on the field development and production operations and is entitled to 88% of production cash flow from Ubima field until costs have been recovered.
Eland announced in July 2018 that a dual string completion is planned for Ubima-1 on four different reservoirs, namely on the D1000 (at 4,908 feet subsea (ftss)), E1000/E2000 (at 6,778 ftss) and F7000 (at 9,244 ftss).
The programme includes two Drill Stem Tests (DSTs) on the E1000/ E2000 and D1000 prior to running the dual completion with the objective to obtain accurate fluid, pressure and production data for each separate reservoir. Thereafter extended production testing is planned, which will serve as a solid basis for the full field development plan of the Ubima field.
- 2C resources of 31.1 million barrels (mmbbls) gross*, with net resources of 13.1 mmbbls to Eland.
- A Competent Person's Report (CPR) published in April 2016 assumes an early production system (EPS) on Ubima with gross 2P reserves of 2.4 mmbbls, net to Eland of 1.1 mmbbls.
- Well appraised field with four wells drilled: Ubima-1,2,3, and 4.
- Licence fully covered by 3D seismic which was acquired in 1997 over target reservoirs, covering 64% of the total area.
- Excellent infrastructure with nearby roads, airport, and oil and gas pipelines. Low entry cost for land based operations using conventional technology.
*Source: Independent Report by AGR TRACS April 2016.