Page 18 - AfrOil Week 30

AfrOil NEWS IN BRIEF AfrOil

Jeremy Asher, Tower’s Chairman and CEO, com- than 300,000 boepd. resource estimate remains unchanged, and the
mented: “At present, we are concentrating on Eni, July 28 2020 revised 1P Reserves, without additional drilling,
getting our Cameroon farm-out finalised and still provide for several years of supply with or
preparing for COVID-19 conditions to permit Cameroon: Victoria Oil & without the grid power demand.
us to resume well preparations at Thali, and we Following an extensive prospect evaluation
hope to update the market with further news Gas announces Q2-2020 and de-risking of the Matanda Licence, man-
about this shortly. But we are also continuing agement has materially increased its estimate of
to work on our Namibian license. Even though operational update Prospective Resources for the Onshore part of
most of the work is desk-based at this early stage the Licence, which is contiguous with Logbaba.
of the Initial Exploration Period, it will be pro- Victoria Oil & Gas, a Cameroon based gas pro- The Matanda partners, GDC and Afex Global
foundly influenced by the insights we can gain ducer and distributor, has provided an opera- Ltd, continue discussions with the Government
from the physical exploration efforts of other tions update for the second quarter of 2020. in Cameroon and remain optimistic of obtaining
parties, even in other basins in Namibia. We are Summary: The Company remains vigilant an extension as previously guided.
especially interested in what Global is doing on in relation to the COVID-19 pandemic and Roy Kelly, Chief Executive of the Company,
PEL-94, and note that the amount of 3D data adherent to the authorities’ guidelines in the commented: “We are pleased with the resilience
already obtained on the Welwitschia Deep pros- jurisdictions in which it works: the lockdown in the Cameroon business has shown through
pect suggests that this might already be close to Cameroon was eased in May 2020. recent times and the early strides made to
being drill-ready. If Global is able to drill an early Daily average gross gas sales rate for the quar- replace the gas sales volumes previously allot-
well on PEL 94 targeting the Albian carbonates ter were 4.6mn cubic feet (130,300 cubic metres) ted to ENEO. The Logbaba reserves reduction
and Cretaceous turbidites, this would bring per day, compared to 5.1 mcf (144,400 cubic reflects adjustments based on the current well
extremely valuable insight to Tower on the mul- metres) per day of natural gas in Q1-2020; plus stock but leaves the Company with years of sup-
tiple structures and leads on our PEL 96, and if it gross 3,548 barrels per day, compared to 1,343 ply with or without the grid power demand even
is on Welwitschia Deep, then it might also bring bpd in Q1-2020, of condensate was produced without further development drilling. The work
an early discovery providing immediate reserves safely and sold to industrial customers, resulting programme on Matanda has yielded encourag-
to our Company.” in net revenues of $6.8mn (unaudited), com- ing and significant prospectivity on the licence,
Tower Resources, July 28 2020 pared to $5.3mn oin Q1-2020. in what is a rich hydrocarbon province. We are
The grid power customer ENEO Cameroon also encouraged by the unsolicited interest in the
Eni tests Bashrush was served notice of termination, having been SGI asset.”
given further opportunities to clear its debts.
Victoria Oil & Gas, July 27 2020
discovery in North El replace over 30% of the grid power customer’s
In the short-term, we have lined up sales to
Hammad concession Take-or-Pay volumes at a higher price margin SERVICES
via increased demand from existing customers,
Eni (as the operator of the block), BP and Total and at least 2 new customers expected to be tied ION announces first 3D
(as contractor members) have successfully tested in within the next three months. These increased
the well drilled on the prospect called Bashrush, sales already represent replacement of over 50% multi-client programme
in the North El Hammad concession, in the con- of the revenue lost through the termination of
ventional Egyptian waters of the Nile Delta. the ENEO contract. in Mauritania
The well has been opened to test potentiality Following an analysis of the current well
of production, and it delivered up to 32mn cubic stock, and recognising there are no short-term ION Geophysical has announced the first 3D
feet (906,000 cubic metres) per day of natural plans for further drilling at this time, manage- multi-client programme in Mauritania in part-
gas. ment has reduced its estimated Proved Reserves nership with the Ministry of Petroleum, Mines
The test rate was limited by surface testing (1P) for the Logbaba Field. The large, in-place and Energy (MPME).
facilities. The well deliverability in production
configuration is estimated at up to 100 mcf
(2.8mn cubic metres) per day of gas and 800
barrels per day (bpd) of condensate.
Eni, together with its partners bp and Total
and in coordination with Egyptian Natural Gas
Holding Company, will continue screening the
development options of Bashrush, with the aim
of fast-tracking production through synergies
with the area’s existing infrastructures.
In the North El Hammad concession, which
is in participation with the Egyptian Natural Gas
Holding Company (EGAS), Eni through its affil-
iate IEOC holds 37.5% interest and the role of
Operator, BP holds the 37.5%, and Total holds
the 25% of the contractor share.
Eni has been present in Egypt since 1954,
where it operates through IEOC Production.
The current equity production of IEOC is more

P18 www. NEWSBASE .com Week 30 29•July•2020