• Tuesday, June 18, 2024
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BusinessDay

Lekoil issues update on OPL 310

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 Lekoil has issued an update on the progress of various studies of the PL 310 block offshore Nigeria, which includes the potentially large Ogo oil discovery.
Last year the company lifted its interest in the concession to 40% (subject to Ministerial consent) after acquiring one of the licensees, Afren Oil and Gas.
The OPL 310 license is in the Upper Cretaceous fairway that runs along the West African Transform Margin. The block extends from the shallow water continental shelf close to Lagos out to deeper water.
The main prospects, aside from Ogo, are in water depths ranging from 100-800 m (328-2,624 ft) and are all close to the West Africa Gas Pipeline.
Ogo-1 intersected a gross hydrocarbon section of 524 ft (160 m), with 216 ft (66 m) of net stacked pay while the Ogo-1 STwell encountered the same reservoirs as Ogo-1 in addition to the syn-rift section which penetrated a 280-ft (85-m) vertical section gross hydrocarbon interval.
Based on data collected from the two wells, the partners estimated P50 gross recoverable resources at 774 MMboe across the Ogo prospect four-way dip-closed and syn-rift structure.
Due to the block’s size the OPL 310 partners agreed to acquire 3D seismic in order to high grade and de-risk other prospects surrounding Ogo. In May 2014, they completed a 1,505-sq km (581-sq mi) program that covered roughly 80% of the acreage.
Processing and interpretation started in 2H 2014 and has been completed.
Lekoil and partner Optimum are considering spudding an appraisal well in 2017.
“The discovery of oil in the Ogo-1 well opens up a new oil basin in an under-explored region and represents a possible extension of the Cretaceous play along the West African Transform
Margin.  Lekan Akinyanmi, CEO,The discovery is a clear validation of Lekoil’s technical analysis and of our extensive studies on the Dahomey Basin, Lekan Akinyanmi, CEO, said