Page 13 - AfrOil Week 50 2021

AfrOil PROJECTS & COMPANIES AfrOil

Barracuda is located in Bayelsa state (Image: ADM Energy)

“ADM and its legal advisers, continue to assert tampering with the 70% shareholding interest
that NHNL’s position as proffered is untenable of KONH in NHNL to third-party investors or
and wholly without merit and are taking all nec- in any other manner whatsoever.”
essary legal steps to protect and secure ADM’s ADM Energy is seeking to build on its exist-
interest in the circumstance,” the company said ing asset base in Nigeria and target other invest-
in a December 13 statement. It also stated that ment opportunities across the West African
the Lagos court “has been asked, inter alia, to region in the oil and gas sector.
determine KONH’s rights to its 70% interest in Currently, the company holds a 9.2% profit
NHNL and all other related matters.” interest in the oil-producing Aje Field, part of
In the meantime, ADM said that on Decem- OML 113, which covers an area of 835 square
ber 10 the company had “obtained an interim km offshore Nigeria. Aje has multiple oil, gas,
injunction restraining NHNL, its officers, and gas condensate reservoirs in the Turonian,
agents, privies or persons, howsoever con- Cenomanian and Albian sandstones, with five
nected, from selling, disposing, divesting or wells drilled to date. ™

VAALCO Energy spuds first well offshore

Gabon in 2021/2022 drilling campaign

GABON HOUSTON-BASED VAALCO Energy said on four-well campaign.
Monday, December 13, that it had commenced “Enhancing our production, reducing our
its 2021/2022 drilling campaign offshore Gabon costs and extending the economic life at Etame
with the Etame 8H-ST well. has been the driving force for VAALCO’s con-
Under a contract announced by VAALCO tinued success,” CEO George Maxwell was
in early summer, a jack-up rig provided by Borr quoted as saying. “The objective of the drilling
West Africa Assets was recently deployed to campaign is to increase production by 7,000 to
the Etame platform and has commenced the 8,000 barrels of oil per day gross, which would
drilling of the Etame 8H-ST development well. have a material impact on Vaalco’s net produc-
The firm, which has a 63.6% stake in the Etame tion and cashflow given the 63.6% interest in
Marin block, said it expects to complete the well the licence. We are confident we can achieve
in January, with first production expected later these objectives given our drilling track record
in the first quarter of 2022. at Etame. We are excited to get our next drilling
This sidetrack of an existing well is target- campaign underway and will continue to pro-
ing existing hydrocarbons from the Gamba vide updates throughout the programme.”
reservoir in the Etame field that have not been Etame Marin, where Vaalco is acting opera-
produced by prior wells, and is the first well of a tor, has yielded over 123mn barrels of crude. ™

Week 50 15•December•2021 www. NEWSBASE .com P13