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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)

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