Aje field, Nigeria
OML 113 covers an area of 835 sq km offshore Nigeria close to the Benin border and holds the Aje Field, first discovered in 1997, as well as a number of exploration prospects. ADM Energy holds a 9.2% profit interest in the Aje Field.
The Aje Field is an oil producing asset which is rich in gas and condensate reserves in the Turonian, Cenomanian and Albian sandstones, similar to the producing Jubilee field offshore Ghana. To date five wells have been drilled: Aje-1 and Aje-2 both flow tested oil and gas condensate at high rates and it currently has two producing wells, Aje-4 in the Cenomanian and Aje-5 in the Turonian.
Aje is strategically located 24km offshore Lagos where it benefits from increasing local energy demand, particularly for gas which is viewed as a replacement fuel for diesel and commands a premium. The field is also within close proximity to the West African Gas Pipeline which presents a potential opportunity for gas monetisation in neighbouring countries such as Benin and Togo.
The Government of Nigeria approved the Aje Field Development Plan ("FDP") in March 2014 and by October 2014, the Final Investment Decision ("FID") for the project was agreed. The FDP involves a three phase development programme. Phase 1 will focus on the Aje Cenomanian oil reservoir and include the tie-back of two existing subsea wells and a leased Floating Production Storage and Offloading vessel ("FPSO"). Phase 1 production commenced in May 2016. The planning for Phase 2 is now underway and will see additional wells drilled in order to increase total Cenomanian oil production. Phase 3 will target the development of the Turonian gas condensate reservoir.
|Panoro (prior to PetroNor deal completion)||6.5%||16.3%||12.2%|