Page 8 - AfrOil Week 16 2021

AfrOil INVESTMENT AfrOil

Woodside formalised the plan in January of this RSSD’s licence area includes three separate
year by signing a sales and purchase agreement fields – Rufisque, Sangomar Offshore and San-
(SPA) with FAR. gomar Deep Offshore, which give the joint ven-
The SPA sets the price for FAR’s stake in ture its name. Oil was discovered at the block
RSSD at $45mn plus reimbursement for FAR’s in 2014, and the joint venture has estimated
share of working capital in the project, includ- that it contains 645mn barrels of oil equivalent
ing cash calls, between January 1, 2020 and the in recoverable reserves, including 485mn bar-
date the transaction is concluded, along with the rels of crude oil and 160mn boe of natural gas.
right to collect certain contingent payments in Woodside has said it hopes to begin production
the future. in 2023. ™

PERFORMANCE
United Oil & Gas reports 24% increase in

Abu Sennan reserves

EGYPT UNITED Oil and Gas (UOG) says its gross said preliminary results suggested that ASD-1X
proven and probable reserves in the Abu Sen- has at least 22mn boe of net oil pay interpreted
nan concession in the Western Desert increased across a number of reservoirs, including the Abu
last year, rising to 16.8mn barrels of oil equiva- Roash C, Abu Roash E, Lower Bahariya and
lent (boe) as of the end of 2020, compared with Kharita Formations.
13.5mn boe at the end of 2019. UOG stated that it was now planning to test
An independently assessed reserves report the well during the coming weeks. If the test
indicated that Abu Sennan’s gross proven and programme is successful, the company will
proven, probable and possible reserves have also negotiate with the Egyptian General Petroleum
increased. They stood at 6.7mn boe and 34.7mn Corp. (EGPC) on a development lease for this
boe respectively as of the end of 2020, up 59% new discovery
and 21% from the figures of 4.2mn boe and The ASD-1X exploration well is located 12
28.6mn boe reported at the beginning of 2020. km away from the north-east of the producing
Last week, UOG also reported making a Al Jahraa Field. UOG holds a 22% working
new discovery during drilling operations for interest in the concession, which is operated by
the ASD-1X exploration well. In a statement, it Kuwait Energy Egypt. ™

The Abu Sennan concession holds 16.8mn boe (Image: UOG)

P8 www. NEWSBASE .com Week 16 21•April•2021