Page 19 - AfrOil Week 13 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

The Group invested a further $300,000 to fund
its share of Etinde pre-development and geolog-
ical and FEED related project expenditure in the
six-month period.
Bowleven considers the total value of cash
and investment of $5.0mn to be sufficient to
meet the Group’s financial requirements for at
least the next 12 months based on the cash flow
forecasts for the period up to December 31, 2023,
which consider a number of different scenarios.
Further details of the Directors’ going concern
considerations are provided in Note 2 of these
interim financial statements.
As the timing of progress towards FID is not
within the control of the Group, should the com- oil pay across the Abu Roash and Bahariya res- The data, which was acquired in 2019, has
mercial and regulatory issues not be resolved ervoirs. Twenty metres of high quality net pay undergone KPSDM processing and FWI veloc-
as anticipated in our modelling, it is likely that was interpreted in the Abu Roash-E (AR-E) res- ity model building to create an AVO compliant
Bowleven would need to raise additional short- ervoir, significantly above pre-drill expectations. pre-stack volume that allows explorers to sig-
term funding to bridge expenditure to FID. The AR-E reservoir was tested with flow rates nificantly de-risk deepwater exploration in this
Eli Chahin, CEO of Bowleven plc, said: “The of 4,076 barrels per day (bpd) of oil and 3.1mn prolific basin.
Group made significant progress in 2021 as the cubic feet (87,800 cubic metres) per day of gas PGS, March 28 2022
Etinde JV members concluded on a realistic achieved on a 48/64-inch choke and 2,299 bpd
and economically beneficial way to progress of oil and 1.7 mcf (48,100 cubic metres) per day KCA Deutag completes
Etinde’s development. We continue to monitor of gas achieved on a 32/64-inch choke.
the ongoing stakeholder negotiations regarding The well has now been tied into the existing sale of land drilling
progressing the Etinde FID within 2022. The facilities and brought on stream at an initial rate
recent Ukrainian crisis has adversely impacted of circa 2,100 bpd gross (462 bpd net) on a 28/64- business in Nigeria
the pace of the new chapter in the Etinde devel- inch choke. It took just six days for the well to
opment; however, we remain optimistic that all go from completion to production, resulting in As part of its growth strategy to optimise the
the JV members are aligned to bring to fruition rapid cashflow generation. business and focus investments in core markets
the more economic Etinde development option. United is trying to take full advantage of such as the Middle East, global drilling, engi-
“A significant amount of detailed technical high oil prices with through expanding its drill- neering and technology provider KCA Deutag
knowledge has been developed, meanwhile, and ing programme. Next in line to be drilled is the has completed the sale of its land drilling busi-
we remain poised to develop the project funding ASV-1X exploration well, which is estimated to ness in Nigeria for $18mn. The sale includes five
for the asset in light of improving input varia- hold over 2.5mn barrels gross mean recoverable drilling rigs.
bles, given the current oil and gas price outlook. resources. Geoplex Drillteq has purchased the rigs and
The Etinde asset is of significant importance to bna/IntelliNews, March 29 2022 will take over operations while receiving techni-
the Government of Cameroon, and we are keen cal support services from KCA Deutag to ensure
to unlock its value for both the country and our PGS releases new 3D proper service delivery for clients. Arrange-
shareholders. ments have been put in place to support KCA
“We look forward to keeping our sharehold- GeoStreamer Data for Deutag employees and contractors to transfer to
ers abreast of the anticipated developments over the new operation or take up other opportunities
the coming month.” Ghana’s Tano basin with the company.
Bowleven, March 20 2022 The sale reflects Nigeria’s Local Content Act,
PGS has added a further 2,000 square km of which encourages increased indigenous owner-
KPSDM processed MultiClient 3D GeoStreamer ship and utilisation of assets.
PROJECTS & COMPANIES data offshore Ghana, revealing prolific Creta- Simon Drew, President Land, commented:
ceous reservoir targets in sharper detail. This “After a successful history of operations in Nige-
UOG announces start of significantly increases 3D coverage in the basin. ria, the sale of these assets allows us to build our
The data is available now.
business in the Middle East, where we currently
production at ASD-2 Basin, in an area that has seen recent high-pro- ment that we have secured a contract with Petro-
This 3D GeoStreamer survey targets the Tano operate 40 rigs, and follows the recent announce-
well onshore Egypt file exploration success, with Eni’s Baleine-1X leum Development Oman to invest around
discovery in August 2021 and Springfield’s Afi-
$100mn in building four new land rigs against a
AIM-listed independent hydrocarbons produc- na-1X discovery in November 2019. long term, 10-year commitment.
ers United Oil & Gas (UOG) has announced the The Upper Cretaceous play is the focus, with “We have developed a positive working rela-
commencement of production at ASD-2 well in deep marine turbidite channel and fan com- tionship with Geoplex during our discussions
the Abu Sennan licence onshore Egypt, where plexes providing excellent reservoir potential and are confident in Geoplex’s capability as an
the company holds a 22% working interest, but in the Cenomanian, Turonian and Campanian organisation and will work with them to provide
which is operated by Kuwait Energy Egypt. intervals. Deeper syn-rift plays are also well technical support for continued delivery to our
The ASD-2 development well was interpreted imaged with multiple Albian-aged leads identi- clients and people.”
as having encountered at least 25.5 metres of net fied in tilted fault blocks and inversion anticlines. KCA Deutag, March 28 2022

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