•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Eland acquires 40% interest in Ubima Field

    Eland Oil & Gas Plc

    Eland Oil & Gas Plc (AIM: ELA) reports that Wester Ord Oil & Gas Ltd., a wholly owned subsidiary of Eland, has agreed to acquire a 40% participating interest in the Ubima Field, onshore Niger Delta, from Allgrace Energy Ltd.

    The most recent independent 2C resources estimate for Ubima is 34 MMbbl of oil (independent report prepared by AGR TRACS). There is also a significant upside 3C resource estimate of 66.9 MMbbl of oil with an extra 2C resource estimate of 97 Bcf of non-associated gas in two reservoirs.

    Ubima lies onshore in the northern part of Rivers State and has been carved out of Oil Mining Lease (OML) 17, which is held by Nigerian National Petroleum Corp., the Shell Petroleum Development Co. of Nigeria Ltd., Total E&P Nigeria Ltd., and Nigerian Agip Oil Co. Ltd.

    Ubima has 3D seismic coverage and four wells have been drilled in the field between the 1960s and 1981, with hydrocarbons being encountered in all four wells in multiple stacked reservoirs.

    The Ubima 1 well was suspended and identified for completion and production by the previous operator, but this program was not executed and Wester Ord is planning to re-enter this well and perform an extended production test, oil produced will then be trucked to the nearest sales point prior to the Ubima export pipeline being in place.

    The company believes that subsequently an initial four development wells can be drilled and put into production 9 to 12 months from commencement of the full work program. The full work program is estimated to require development capital expenditure of $125 million; however, a proportion of this is anticipated to be met from early cash flows from the extended production test.

     

     

    Did You Like This Article?

    Get a free subscription to Oil & Gas Financial Journal.

    Related Articles

    Wood Mackenzie: US tight oil technology could boost output by 25%

    09/24/2014

    There continues to be great potential for surprises to the upside in production of US tight oil, according to Wood Mackenzie's latest integrated analysis.

    IHS: Supply chain industries for unconventional oil and gas production support more than 500,000 jobs

    09/23/2014 A sizable and growing portion of the economic benefits from unconventional oil and gas development in the United States is being felt by a diverse group of industries that support oil and gas produ...

    Bentek Energy: Bakken and Eagle Ford production up 3.1% in August

    09/22/2014 Oil production from shale formations in North Dakota and Texas increased by more than 78,000 barrels per day (b/d), or 3.1%, in August, according to Bentek Energy, an analytics and forecasting unit...

    Platts' Bentek Energy: US natural gas production in August rose 0.6% from July

    09/10/2014 Natural gas production in the Lower 48 US states increased by 0.4 billion cubic feet per day during the month of August vs. July, according to Bentek Energy, an analytics and forecasting unit of Pl...

    The oil and gas CEO

    09/10/2014

    New study reveals the paths to leadership

    More Oil & Gas Financial Articles

    Wood Mackenzie: US tight oil technology could boost output by 25%

    Wed, Sep 24, 2014

    There continues to be great potential for surprises to the upside in production of US tight oil, according to Wood Mackenzie's latest integrated analysis.

    IHS: Supply chain industries for unconventional oil and gas production support more than 500,000 jobs

    Tue, Sep 23, 2014

    A sizable and growing portion of the economic benefits from unconventional oil and gas development in the United States is being felt by a diverse group of industries that support oil and gas producers, according to a new study by IHS (NYSE: IHS), a provider of information and analytics.

    Bentek Energy: Bakken and Eagle Ford production up 3.1% in August

    Mon, Sep 22, 2014

    Oil production from shale formations in North Dakota and Texas increased by more than 78,000 barrels per day (b/d), or 3.1%, in August, according to Bentek Energy, an analytics and forecasting unit of Platts.

    Platts' Bentek Energy: US natural gas production in August rose 0.6% from July

    Wed, Sep 10, 2014

    Natural gas production in the Lower 48 US states increased by 0.4 billion cubic feet per day during the month of August vs. July, according to Bentek Energy, an analytics and forecasting unit of Platts.

    The oil and gas CEO

    Wed, Sep 10, 2014

    New study reveals the paths to leadership

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ