CAMAC Energy's four offshore Nigeria prospects have increased the company’s unrisked P50 recoverable resources to approximately 3 billion boe.
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Map of Nigerian prospects from CAMAC |
The Nigerian prospects are in oil mining leases (OMLs) 120 and 121 and have increased the recoverable resources from 537MMbbl to 2.37 billion bbl, according to an independent assessment conducted by DeGolyer and MacNaughton (D&M).
P50 unrisked recoverable oil resources for the Ereng prospect are estimated at 1.585 billion barrels; Ewo Deep are 321MMbbl; G Prospect are 226MMbbl; and P Prospect are 245MMbbl.
P50 unrisked recoverable gas resources for the Ereng prospect are estimated at 2.086Tcf; Ewo Deep are 184Bcf; G Prospect are 184Bcf; and P Propsect are 217Bcf.
CAMAC has identified drilling locations for all four prospects, with the first exploration well planned for in 1H 2015. The wells will target the Miocene formation, which has proven to be a prolific oil production layer in deepwater Nigeria.
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| The Energy Searcher from CAMAC |
The Energy Searcher is expected to drill the exploration program. The drillship is currently drilling the Oyo-7 and Oyo-8 wells for CAMAC, offshore Nigeria.
CAMAC Energy is operator and owns a 100% working interest in OMLs 120 and 121.
CAMAC temporarily stopped drilling on the Energy Searcher in mid-September at the Oyo-8 well due to leaks in some control system hoses of the well's blow out preventer. According to Northern Offshore, operations resumed on 23 September.
Offshore installation work will be completed by the first week of October to allow the recently drilled Oyo-7 and Oyo-8 wells to be tied back to the floating production, storage, and offloading vessel Armada Perdana.
CAMAC discovered the four oil and gas reserves in the Oyo field development located in OML 120 in August 2014. Drilling on Oyo-8 began 15 June. Oyo-7 was successfully drilled in October 2013.
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