Page 17 - AfrOil Week 03 2022

AfrOil NEWS IN BRIEF AfrOil

The continued availability of the Star Valley rig in gas, which is the Company’s near-term focus, injunction from a third-party in respect of an
Morocco makes scaling up of a pilot CNG devel- multiple deeper Jurassic oil and gas prospective alleged claim to holding a majority interest in
opment achievable. leads have been identified for future evaluation NHNL. Zenith has been advised that the claims
Gas confirmed and future follow-up activity: and drilling. The location for one of these fea- underlying the injunction are unsubstantiated,
The CPR confirms that the MOU-1 well pene- tures,MOU-NE, is included in the Company’s thereby having no impact on the legal standing
trated the extreme western limit of the Tertiary Environmental Impact Assessment for its cur- of the Option, and that NHNL anticipates that
MOU-4 submarine fan Even at this extremity rently scheduled drilling programme for the the injunction will be dismissed by the Nigerian
the CPR notes that ‘petrophysical log analysis by MOU-4 Appraisal Project. MOU-NE lies updip courts in due course.
NuTech confirms 10 metres of net gas pay within from an abundant micro-seepage with an oil sig- Following the Extension, the Option will now
thin sands within a gross section of more than nature identified by a Geo-Microbial Technolo- expire on March 1, 2022.
60 metres.” gies micro-seepage survey in 2006 and 2007 (as Andrea Cattaneo, CEO of Zenith, com-
MOU-1 testing is planned for Q2-2022 fol- referenced in the current CPR). mented: “We are pleased to have agreed an
lowing the anticipated relaxation of COVID Corporate update: The success of the MOU-1 extension in respect of the Option Agreement
travel restrictions in Morocco. The Company well in de-risking a working petroleum system with NHNL for what represents a very attrac-
is fully funded to carry out an extended rig-less in the Guercif licence area covering 7,269 square tive opportunity to benefit from the significant
testing programme. km creates a significant challenge for the Com- production potential of the Barracuda and Elepa
Pre-drill preparations for the MOU-4 step- pany in terms of accelerating the evaluation of South oilfields in Nigeria. The Company shall
out well 8 km to the east of MOU-1 on the same the full potential of the licence area. This will continue to perform its due diligence exercise to
structure de-risked by MOU-1 is progressing as require securing the longer-term financing and fully evaluate the comprehensive legal, technical,
planned at a location where the maximum thick- joint venture partnerships required to realise and commercial elements of the potential trans-
ness of reservoirs sands is interpreted to be pres- shareholder value at a time when the oil and action. I look forward to updating our share-
ent. The CPR confirms the “analogy of MOU-4 gas sector is being strongly impacted by climate holders on our progress in due course.”
to the Anchois-1 gas discovery in the offshore change concerns. The Company’s current public Zenith Energy, January 13 2022
Rharb Basin.” market capitalisation no longer reflects the value
MOU-1 confirmed for the first time a work- of its Guercif asset in terms of its development Monitor Exploration starts
ing hydrocarbon system in the Guercif Basin for potential. Guercif represents one of the largest
thermogenic dry gas originating from a much onshore licences in Morocco with gas prospec- environmental impact
deeper source interval. It defined a new gas prov- tivity established by MOU-1.
ince in Guercif and de-risked multiple gas pros- The Company will consider all options to assessment for seismic
pects over an area of at least 200 square km to be monetise its asset during 2022.
followed up in the future. The immediate focus Predator Oil & Gas, January 13 2022 operations onshore Namibia
is on appraising and developing the MOU-4
Appraisal Project. Zenith Energy agrees Monitor Exploration has commenced the Envi-
The Anchois area is a proven offshore exten- ronmental Impact Assessment (EIA) and Envi-
sion of the Rharb Basin and with MOU-1 Guer- an extension to option ronmental Management Plan (EMP), engaging
cif is now proven to be the eastern onshore Risk-Based Solutions (RBS) of Dr. Sindila Mwiya
extension of the Rharb Basin. Together this agreement for OML 141 and his team. Upon completion, Monitor will
re-emerging gas province is a continuous geo- be granted a clearance certificate, mandatory
logical unit extending over 250 km from west RSC in Nigeria for onshore Namibia, for conventional seismic
to east and beginning to generate substantive operations over PEL 93.
gas discoveries much larger than any encoun- Zenith Energy, the listed international energy The Company expects to obtain this author-
tered to date in the onshore Rharb Basin. The production and development company, has ization by May-June 2022, and schedule to pro-
gas province is well positioned geographically agreed an extension to the Option Agree- ceed with the seismic operations immediately
to serve the domestic gas market and to access ment with Noble Hill-Network LTd (NHNL), after. The objective is to cover all three AOIs
infrastructure - road, rail and gas pipelines. In announced on November 29, 2021, for the pur- identified successfully within the Company’s
addition, the area is connected to Europe via the chase of a 42% interest in the share capital of licence. This is help understand the nature of the
Maghreb Gas Pipeline. NHNL. trends seen on the Gravity and other data.
The Guercif licence covers an area of 7,269 NHNL is a private Nigerian oil and gas com- From a practical point of view, the terrain
square km. MOU-1 de-risked the petroleum pany and the registered sole, 100% holder of a allows for operations along roads and fences as
system in Guercif by proving migration path- Risk Service Contract (RSC) for the develop- well as into the land, if deemed necessary, with
ways for deep thermogenic gas from a much ment of the North-West Corner of OML 141 minimal impact to the surroundings.
deeper source rock. In addition to the Tertiary in Nigeria, defined as the Risk Service Contract Currently, AOI 02 has demonstrated the most
Area (RSCA). The RSCA covers 105 square km significant potential for hydrocarbons, after inte-
of the Coastal Swamp Region of the Niger Delta gration of various data, including a few very well
and contains the potentially highly productive positioned existing seismic lines. However, if the
Barracuda and Elepa South oilfields, with an lines over AOI 01 show signs of a potential struc-
estimated 232.7mn barrels of discovered oil ture, then the Company could plan further lines
(Degeconek 2019 CPR), as well as one prospec- to firm that up to drillable status.
tive field with substantial gas and condensate The Company will take advantage of rapid
prospective reserves. seismic processing turnaround to plan addi-
The Company has been informed by NHNL tional lines based on the results of the initial plan.
that it has recently been served with a vexatious Monitor Exploration, January 11 2022

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