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Oando Energy Resources Announces Third Quarter Results

Stocks in this article: COP

OER 15% owners of the Production Sharing Contract license in OML 125 (Abo field), in conjunction with Nigeria Agip Energy, operator of OML 125 (Abo field), continued the Abo field development phase 3. The dynamically positioning "Sedco Express" Rig was mobilized for the Abo-3 side-track well, Abo-12 drill & complete and Abo-8 initial completion.

The Abo-3 side-track well was spudded on July 10, 2013 as a deviated development well and drilled to a total depth of 2,340 m MD (1,922 m total vertical depth) with maximum inclination of 77.60 degrees mainly to appraise the B200 reservoirs. The well found two (2) hydrocarbon bearing sands (B197 and B200) with a total hydrocarbon pay of 30 m total vertical depth. It was completed in September 2013 as a single string producer on the B200 reservoirs and it was unloading prior to testing at end of reporting period.

Akepo Marginal Field Development

The second part of the field development, which comprises the construction of evacuation infrastructure (well head jacket and  pipelines) and tie-in to the Agip operated NAOC/POCNL/NNPC Beniboye flow station), remained stalled in 2013 owing to contractor insolvency that limited execution capability. With escalating costs and a limited favourable weather window for shallow offshore activities, the original lump sum contract has had to be broken up and the offshore jacket installation and pipe lay scope re-awarded. It is expected that the second part of the field development works will recommence in the fourth quarter of 2013.

Qua-Ibo Marginal Field Development

OER, through its companies OQIL & ORPS, owns a 40% operating interest in the Qua Ibo Marginal Field (subject to Minister's consent) and provides financial and technical services to Network Exploration and Production Nigeria Limited (" NEPN"), the operator and 60% equity owner of the field.

Qua Ibo Marginal Field development phase 1 started with a drilling campaign in September 2012 and two (2) wells have been successfully drilled and completed; namely Qua Ibo-4 & Qua Ibo-3 ST1.

Oil production is expected to commence in the first quarter of 2014 after the commissioning of the OER/NEPN crude processing facility and pipeline sanctioned at $22 Million ( $8.8 million OER Share).

Acquisition of ConocoPhillips's Nigerian Upstream Operations

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