Page 15 - AfrOil Week 18 2020

AfrOil
NEWS IN BRIEF
AfrOil
of ownership, as well as concluding negotiations for a new 25-year licence. At the same time, our technical team is making all the necessary opera- tional preparations for planned drilling activities in well TLP-103C. I look to forward to further updating our shareholders on Zenith’s exciting progressinanumberofareasinduecourse.” Zenith Energy, May 05 2020
Sierra Leone awards
offshore petroleum
concessions to Cluff
Energy Africa and Innoson
e Government of Sierra Leone has announced that following the conclusion of the Fourth O - shore Petroleum Licensing Round on February 28, 2020, six applications for o shore petroleum concessions were received and evaluated.
Following the initial launch of the Fourth Licensing Round in 2018, the Petroleum Directorate of Sierra Leone, in partnership with GeoPartners and Getech, announced the re-opening of the 4th Licensing Round on May 21, 2019. e licensing round included a direct tender for licensing applications where 50% or more of the area is in water depths in excess of 2,500 metres (deadline September 20, 2019) and an open tender for other licence applications (deadline November 22, 2019).
The Government of Sierra Leone has announced that open o shore petroleum acre- age has been provisionally awarded to: Cluff Energy Africa, covering Blocks 23, 24, 25, 36, 37,38, 39, 54, 55, 56, 57, 74, 75, 94 & 95 and Innoson Oil and Gas, covering Blocks 96, 97, 114, 115, 116, 117, 133,134, & 135.
SNRadio.net, April 30 2020
FINANCIAL
LEKOIL re-structures
financial obligations
to Optimum Petroleum
Development Co.
LEKOIL, the oil and gas exploration and pro- duction company with a focus on Nigeria and West Africa, is pleased to announce that further to the Company’s announcements on January 21, March 25 and April 3, the Company has reached an agreement with Optimum Petroleum Development Co., the Operator of the OPL 310 License, on deferring the nal tranche of pay- ment of $7.6mn due on or before May 2, 2020.
As previously announced on January 21, 2020, the Company agreed with Optimum a nal payment of $9.6mn, in aggregate, would be made by the Company to Optimum to cover sunk costs and consent fees.
is nal payment was to be made in two tranches,withthe rstpaymentof$2.0mncom- pleted as announced on April 3, 2020. For the second and nal payment of $7.6mn, Optimum and LEKOIL have agreed a deferred payment schedule as follows: the sum of $1.0mn to be paid onorbeforeJuly15,2020;thesumof$2.0mnto be paid on or before September 30, 2020; and the sum of $4.6mn to be paid on or before Novem- ber 30, 2020.
Alhaji Yusuf N’jie, Optimum’s Managing Director, commented: “ e current challenges in the oil industry – the unprecedented supply and demand shock brought on by the COVID- 19 pandemic – require true partnership and collaboration, and we are pleased to work with LEKOIL in this regard.”
Lekan Akinyanmi, LEKOIL’s CEO, com- mented: “We would like to thank Optimum for their continued support and understanding dur- ing these challenging times for the oil and gas industry and the global economy. We remain aligned and committed to delivering on our joint appraisal ambitions.”
*In 2013, the rst exploration well (Ogo-1) drilled by the OPL 310 partners (then consist- ing of Optimum, LEKOIL and Afren) was the Ogo prospect, a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs. The drilling programme included a planned side-track well (Ogo-1 ST) which aimed to test a new play of stratigraphically trapped sediments at the basement of the Ogo prospect. e Ogo-1 well encountered a gross hydrocarbon section of 524 , with 216 of net stacked pay whilst the
Ogo-1 ST well encountered the same reservoirs as Ogo-1 in addition to the syn-ri section which encountered a 280-foot (85.3-metre) vertical section gross hydrocarbon interval. Owing to well data collected from the two wells, the part- ners estimated P50 gross recoverable resources tobeat774mnboeacrosstheOgoprospectfour- way dip-closed and syn-ri structure.
LEKOIL, April 30 2020
PERFORMANCE
Gabon/Tunisia: Panoro
Energy provides operations
and corporate update
Panoro Energy has provided a corporate update in conjunction with the publication of its 2019 annual report released on April 30, 2020.
While many logistical challenges associated with COVID-19 continue, Panoro’s production operations to date have been largely una ected. e health and safety culture at our operations has shown to be resilient, with conduct of safe operations, together with the well-being of our team, being our top priority. Production in both Gabon and Tunisia continues to be in line with expectations given the necessary deferral in some near-term development activity.
Panoro anticipates that the well-publicised global oil demand reduction and storage short- age may continue to provide both downward oil pricing pressure and logistical challenges for the upcoming months. e Company is proactively working with partners, host governments, sup- pliers and customers to mitigate the risks asso- ciated with this unprecedented global situation.
Week 18 06•May•2020
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