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Exploration and Development Potential

Exploration and Development Potential

OML 40

OML 40 - West: Exploration and Development Potential

Amobe

The Amobe prospect is a large, clearly-defined structure. It is comparable to Opuama in terms of both structural style and areal extent. With operations planned for H2 2019, it will be Eland’s first near-field exploration well.

The Amobe prospect 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. It shows closure over a 5,000 feet vertical interval, between depths of 5,000 and 10,000 feet.

NSAI, in its end-2018 CPR*, assessed unrisked gross prospective resources in Amobe to be in the range 15 mmstb (low case) – 78 mmstb (best estimate) – 340 mmstb (high case), with a probability of success of 42%. Eland’s internal assessment of best estimate prospective resources is similar at 74 mmstb.

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 and Eland is planning to drill an exploration well to test the Amobe prospect in 2019. Preparatory dredging operations to allow rig access to the Amobe well location will commence in H1 2019.

Polobo discovery and prospects

Follow-on exploration and appraisal potential in the western part of OML 40 area is provided by the Polobo-1 discovery which is located about seven kilometres to the south west of the Amobe prospect. It was drilled using structural maps defined from 2D seismic in 1972 and discovered light oil in two sands, each about 20 feet thick.

NSAI, in its end-2018 CPR*, ascribed gross unrisked Contingent Resources of 9 mmstb (low estimate) –17 mmstb (best estimate) – 23 mmstb (high estimate) to the Polobo-1 discovery. In addition, it ascribed gross unrisked Prospective Resources of 14 (low case) – 40 mmstb (mid case) – 100 mmstb (high case) to the Polobo structures.

The 3D seismic data from OML 40 will be reprocessed during 2019 which improve confidence in the time mapping of the Polobo area. In addition, the data obtained from drilling the Amobe exploration well will also provide greater confidence in the Polobo depth structure maps. The Polobo discovery will then be reevaluated with a view to appraisal drilling on Polobo, possibly as early as 2020.

 

OML 40 - East: Exploration and Development Potential

With Gbetiokun now in development, there are five further undeveloped discoveries drilled on OML 40, while over twenty prospects and leads are recognised. The largest of the undeveloped discoveries is Abiala, which also has significant exploration upside in adjoining structures.

Abiala

The Abiala-1 discovery well is located in the northeast of OML 40. It was drilled on 2D seismic in 1989 and discovered hydrocarbons, mainly oil, in multiple reservoirs between 6,700 and 10,500 feet depth.

NSAI, in its end-2018 CPR*, ascribed gross unrisked Contingent Resources of 10 mmstb (low estimate) – 26 mmstb (best estimate) – 80 mmstb (high estimate) to the Abiala-1 discovery well. In addition, it ascribed gross unrisked Prospective Resources of 10 mmstb (low case) – 26 mmstb (mid case) – 59 mmstb (high case) to the Abiala structures.

Eland intends to appraise the Abiala Central discovery in 2020. The merits of a follow-up well to test the Abiala South prospect will be assessed once the results of Abiala Central are evaluated.

Follow-on potential

Dudu Town East and Old Nana Town

There are several other discoveries, undrilled prospects and leads in the eastern part of OML 40, which provide exciting potential for follow-on exploration and appraisal drilling. One such prospect is Dudu Town East, which lies about six kilometres to the west of, and is similar in structural style to, Gbetiokun.

NSAI assesses most likely gross unrisked prospective resources in Dudu Town East to be 5 mmstb (low estimate) – 10 mmstb (best estimate) – 19 mmstb (high estimate). This prospect is a candidate for exploration drilling in the next few years.

In addition to Dudu Town East, other prospects to the west of Gbetiokun (Gbetiokun South, Gbetiokun West and Old Nana Town) provide potential for additional exploration drilling. The 3D seismic data from OML 40 will be reprocessed in 2019 and these prospects will be reassessed once the reprocessed seismic data are available. Like Dudu Town East, these prospects are possible candidates for exploration drilling over the next few years.

Adagbassa Discovery

The Adagbassa-1 discovery well was drilled in 1971, finding oil at about 9,140 feet depth. It was appraised, unsuccessfully, in 1973 and 1974, before any 3D seismic data were available.

To progress this potential opportunity, planning work has commenced to allow the acquisition of 3D seismic over the central part of OML 40, potentially in 2020-21. These new 3D seismic data should allow the likely size of the Adagbassa-1 discovery to be determined with much greater confidence and may result in a number of additional prospects being identified in the central part of OML 40, where only poorly defined leads are recognised at present.

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