Hector Igbikiowubo
20 May 2008
Lagos — Gulf of Guinea Energy Limited has announced the spudding of the first of two back_to_back appraisal/development wells in the Uquo field, within the Eastern Niger Delta, onshore Nigeria, raising the spectre of achieving first oil by 2009.
A statement released by the company disclosed that the Uquo_5 well will be drilled to a depth of 8,500 feet by Henan Petroleum Company Nigeria, using the HPEB119 drilling rig. The rig will then move to drill the Uquo_6 well.
It is anticipated that the wells will be retained as producers for the Uquo development with first production expected in 2009. The Uquo field is planned to produce through ExxonMobil's Qua Iboe terminal some 8 Kilometres to the south.
The discovery well Uquo _1 was drilled in 1958 by Shell and tested both oil and gas in more than nine separate reservoir intervals.
Three further wells have been drilled (Uquo 2 - 4) which have discovered three separate hydrocarbon structures, within which a total of 15 hydrocarbon_bearing reservoir accumulations exist.
Of these, ten have been evaluated as gas bearing, two are proven oil bearing formations and a further three have been evaluated as being probably oil bearing.
GOGE_Frontier acquired 233 square Kilometres of 3D seismic in 2006_2007 covering the entire license area.
In his reaction to the development, Arun Subbiah, Gulf of Guinea Energy's Executive Chairman, said, "The spudding of the Uquo-5 well is a very important milestone for the company.
It is the culmination of many months of intense technical and commercial effort. The possibility of having first production in 2009 is very exciting."
Joshua Udofia, Gulf of Guinea Energy's Chief Executive Officer, said, "To demonstrate our commitment to the host communities around our fields of operation, ProNatura International, a development agency, has been employed to develop a comprehensive community development plan. To date, we have contributed circa $500,000 in the active engagement of the host community."
The Uquo field is situated in License Block OML13. Gulf of Guinea Energy has a 40 per cent participating interest in the field and Frontier Oil Limited holds the remaining 60 per cent and is the Operator of the Uquo field.
GOGE comprises a highly-skilled management team with International Oil Company ("IOC"), direct Nigerian and Joint Venture ("JV") experience. GOGE benefits from a competitive edge in Nigeria, substantial financial backing, and a commitment to partnering the local communities in which it is currently operating.
In February 2007, Actis (www.act.is) became a cornerstone investor with a $35 million investment and is a significant shareholder in GOGE.
The company has a significant interest in the Uquo oil and gas field, located onshore in Akwa Ibom State, Eastern Niger- Delta. The field has four proven hydrocarbon accumulations and a number of well defined exploration prospects. The company has acquired 3D seismic covering the entire licensed block and is scheduled to drill two appraisal / development wells in the first half of 2008.
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