Gulf Oil and Gas accountACCOUNT

Sirius Announces Mobilisation of Rig for Ororo Field Drilling Program

Source: www.gulfoilandgas.com 3/12/2018, Location: Africa

Share |
Sirius Petroleum, the Nigeria focused oil and gas development and production company, is pleased to announce that the Company’s international rig partner COSL has now received preliminary Location Approval from the Marine Warranty Surveyor for the Ororo-2 and Ororo-3 wells and has commenced mobilisation of the jack-up rig for delivery direct to Nigeria.

Furthermore, COSL have optimised the drilling campaign for Sirius by electing to deploy the COSL Force jack-up rig as opposed to the COSL Power. The COSL Force is a “hot rig” (tooled-up and ready to operate) currently offshore UAE and is therefore ready to be mobilised to Nigeria shortly. The COSL Force is a new-build state of the art rig which has a rated operating water depth of 375 ft and a rated drilling depth of 30,000 ft.

Once on station, it is anticipated, weather conditions permitting, that drilling of the Ororo-2 well will now commence in April 2018 and that drilling will be in a location close to the Ororo-1 well (originally successfully drilled by Chevron in 1986).

The Ororo-2 well is planned to penetrate all of the D sands, with the top three sands (D1, D2 and D3) being sampled and pressure tested. The objectives of the tests are to determine gas-oil contacts, the pressure regimes, fluid compositions, and in-situ gas-oil ratios ahead of an extended well test. The well will then be drilled down to the deeper G sands where it is expected to be completed for production.

According to the Ororo CPR produced by Rockflow Resources (“Rockflow”) and set out in the Company’s admission document, it is estimated that the Ororo-2 well will initially produce approximately 2,700bopd of light oil and 6mmcfd of gas. Rockflow estimates that the Ororo asset has a Mid Case Net Present Value to Sirius (NPV10) of $96m, based on a $65 per barrel flat real oil price for the life of the field.

In addition, Sirius has concluded amended terms with COSL for the COSL Force jack-up rig, extending the initial program to cover both the Ororo 2 and Ororo 3 drill programs for a lump sum of $9m (payable in instalments related to drilling milestones), on the assumption that the duration of the work will not exceed 90 days from the spud of the first well in the program and assumes a 45 day work duration per well. If the duration of the work exceeds that period, then daily rates will thereafter apply. In accordance with the amended agreement, Sirius has made an initial deposit payment of $1.5m to COSL.

Commenting, Bobo Kuti, Chief Executive, said: “We are delighted to be informed that COSL has finally secured the confirmation from the Marine Warranty Surveyor of the acceptance of the surface location of Ororo-2 and Ororo-3 wells enabling us to announce the mobilisation of the COSL Force jack-up rig. This is a milestone for Sirius as we embark with our operational partners on the first of our drilling programs. We are delighted to be working alongside COSL as our rig partners and thank them for the excellent work they have done on mobilisation and we look forward to the commencement of the well campaign operations on Ororo-2 in the coming months.”

For more information about related Opportunities and Key Players visit West Africa Projects

Drilling News in Nigeria >>

Egypt >>  6/14/2018 - SDX Energy Inc. (SDX), the North Africa focused oil and gas company, is pleased to announce that it has spud its SRM-3 appraisal well at South Ramadan...
Nigeria >>  6/14/2018 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce...

Namibia >>  6/13/2018 - Pancontinental Oil & Gas NL is pleased to announce that the PEL 37 Joint Venture is on schedule for the upcoming drilling of the highly anticipated Co...
Norway >>  6/12/2018 - Wellesley is the operator for production licence 248 I. We have now given the company consent to drill exploration well 35/11-21 S, which aims to inve...

Morocco >>  6/6/2018 - Sound Energy, the Moroccan focused upstream gas company, is pleased to announce the approval of the Environmental Impact Assessment (EIA) for the TE-9...
Norway >>  6/6/2018 - On behalf of the licensees in production licence 199, Equinor has been given consent to drill exploration well 6406/2-9 S. The well is to be drilled t...

Related Categories: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

Oil & Gas Projects in Nigeria >>

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.