Page 17 - AfrOil Week 24

AfrOil NEWS IN BRIEF AfrOil

UPSTREAM
ADM Energy issues update

on OML 113 offshore Nigeria

ADM Energy PLC (AIM: ADME), an oil and gas
investment company quoted on AIM, provides
an update on its operations at OML 113 offshore
Nigeria.
Update on Aje Field (OML 113): The Aje
Field continues to produce oil from the Aje-4
well in the Cenomanian oil reservoir and Aje-5
well in the Turonian reservoir. The Partners are
continuing discussions and technical appraisal to execute its growth investment strategy, sup- its flagship Jaan 3D seismic survey covering the
on the next phase of activity at the field based ported by a strong foundation of our quality oil MSGBC Basin in NW Africa acquired in part-
around the Turonian gas and liquid reserves. producing asset.” nership with PGS and GeoPartners. Comprising
As announced on April 27, 2020, in light of ADM Energy, June 15 2020 over 28,000 square km, this vast survey spanning
unprecedented market conditions affecting the offshore Senegal, The Gambia, AGC and Guin-
oil industry, the Partners were seeking to miti- NOC discusses ea-Bissau has been specifically designed to map
gate the impact of the oil price reduction. The the Cretaceous Palaeo Shelf-Edge Trend (PSET)
Board is pleased to confirm that the Partners development plan for and to shed light in untapped Jurassic poten-
have reached agreement with several service tial. This has been the setting for the FAN and
providers to achieve significant cost reductions Erawin with Zallaf Libya SNE discoveries, Africa’s most successful play of
at an operating level. These include: reduction in recent times.
operational and maintenance costs of 35% and On Thursday, June 11, 2020, National Oil Jaan 3D consists of both newly acquired (over
reduction in the cost of the lease of the FPSO of Corp. (NOC) and Zallaf Libya, a company for 12,000 square km) and recently reprocessed seis-
40%. exploration and production of oil and gas, held mic surveys, processed and harmonised to create
The Partners, including ADM, have also a meeting through Teams Video Conferenc- a seamless 3D PSTM and PSDM volume which
agreed to the option of storing production from ing Technology in the presence of Abulgasem allows explorers to obtain a holistic understand-
OML 113 on the FPSO, which has up to 755,808 Shengher, NOC board of directors member for ing of this prolific basin and its unique geological
barrels of storage capacity. This will allow the E&P, and Khalifa Rajab Abdulsadek, chairman features of the shelf edge trend across borders.
Partners to store production for sale later as, in of the management committee of Zallaf Libya, as It is also the current setting for anticipated and
the view of the directors, the crude oil price is well as members of the company’s management ongoing bid rounds, including the Senega-
anticipated to recover in Q3-2020 or Q4-2020. committee, NOC, and Zallaf company technical lese 2020 License Round, which offers acreage
Focus on capital discipline and cash preser- specialists. on-trend with the FAN and SNE discoveries.
vation: These asset-level measures, in addition During the meeting, the company proposed Meanwhile, in The Gambia, Jaan 3D covers sig-
to those announced on April 27, 2020, enable the conducting a series of long-term tests for the nificant prospectivity similar to the FAR/Petro-
Company to conserve cash during the current field in order to optimise the field development nas targets in adjacent blocks.
commodity price weakness. plan. Both NOC and Zallaf agreed in principle Rune Eng, Executive Vice President, Global
As such, following the placing and loan facil- on the long-term testing plan. at TGS, said: “Recent and significant success in
ities announced on April 27, 2020 and a recent At the end of the meeting, it was decided that the MSGBC Basin demonstrates the importance
VAT refund, the Company as of June 12, 2020, more meetings will be held between the NOC’s of the province in terms of exploration not only
had cash and cash equivalents of GBP200,000 specialists and Zallaf Company for further clar- in Africa but also worldwide.
with access to a further GBP100,000 from a new ification and strategy that guarantees the best “Learning from these giant discoveries and
loan facility. This will be sufficient, at current results out this long-term testing plan. cross-border exploration success, the Jaan 3D
run rates, to maintain the Company’s operations National Oil Corp., June 11 2020 survey has been specifically designed to high-
until the end of 2020. light key play fairways and provide a vital explo-
Osamede Okhomina, CEO of ADM, said: ration volume to enable E&P companies to
“We are pleased to report that operations at SERVICES unlock the next giant discovery.”
OML 113 have been largely uninterrupted by In addition to the Jaan 3D volume, the TGS
COVID-19, which is a consequence of the safety TGS completes Jaan subsurface data library in the MSGCB Basin
procedures in place to protect workers. To steer includes over 82,000 km of 2D seismic and a
ADM through the current low oil price environ- 3D seismic programme further 16,000 square km of 3D seismic (includ-
ment, we have taken appropriate measures with ing newly acquired deepwater The Gambia and
a significant cost reduction plan, both at a corpo- offshore NW Africa Senegal 3D surveys).
rate level and on the asset side, to streamline our This extensive and expanding seismic foot-
operations while maintaining production levels. covering MSGBC basin print is complemented by well data products
This flexibility ensures we remain profitable at and a vast 114,000 square km Multi-Beam and
an asset level and allows us to benefit from a TGS, a leading provider of multi-client geosci- Seafloor Sampling (MB&SS) survey covering
positive forward curve in the oil price.As a result ence data for exploration & production (E&P) Senegal to Guinea-Bissau.
of these actions, ADM is now better positioned companies, has announced the completion of TGS, June 16 2020

Week 24 17•June•2020 www. NEWSBASE .com P17