This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Oando Energy Resources Announces Third Quarter Results

Stocks in this article: COP

OER owners of 42.75% of the Ebendo Marginal Field, in conjunction with Energia Limited, operator of the Ebendo Marginal Field in OML 56, drilled and completed the Ebendo-6 well. The well drilled to a total depth of 11,268 ft and discovered two shallow reservoirs (XIIa and XIII sands) and encountered five hydrocarbon bearing reservoirs (XV, XVI, XVII, XVIIIa and XVIIIb). Another five reservoirs (X, XI, XIb, XIc & XII), suspected to be possibly hydrocarbon bearing based on gas shows, will be further appraised with the next well, Ebendo-7.  The Ebendo 6 well was perforated on levels XV and XVI respectively, completed as a dual string on both sands and then shut-in. The flow lines and tie-back to the Ebendo flow station were being installed as at the end of the reporting period.

Current technical allowable production for the field is 5,250 bbl/d (2,362.5 bbl/d OER share [ 9 ]) based on wells 1, 4, and 5. With the tie-in of the Ebendo-6 well, the field will be capable of up to 7,140 bbl/d (3,213 bbl/d OER share) via seven strings. However, export is currently constrained at 3,093 bbbl/d (1,391.85 bbl/d OER share) via the Agip operated Kwale-Brass NAOC/JV infrastructure. The Company is currently in discussion NAOC/JV to increase the volume that can be exported through the Agip operated Kwale-Brass NAOC/JV infrastructure. The Company is also advancing in the construction of the alternative pipeline via the Shell operated Eriemu-Forcados SPDC infrastructure discussed below.

In the first quarter of 2013, the construction and installation contract was awarded and work then commenced on the 52 km "Umugini" pipeline planned as an alternative 45,000 bbl/d evacuation route via the Shell operated SPDC/JV Eriemu-Forcados system. To date, approximately 35% of the pipeline has been completed (approximately 19 km out of the 52 km). Work was suspended at the start of the third quarter of 2013 due to rising water levels in the seasonally flooded areas of the traversing terrains. The contractor is expected to be remobilized to the site during the dry season ( November 2013) to complete the remainder of the work. The 12" x 52 km pipeline is expected to add 45,000 bbl/d of additional evacuation capacities (5,062 bbl/d OER share) when complete and commissioned in the third quarter of 2014.

OML 125 (Abo Field)

2 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,083.99 +53.78 0.30%
S&P 500 2,092.08 +10.20 0.49%
NASDAQ 4,812.9570 +39.4850 0.83%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs