Offshore staff
TULSA, Oklahoma -- An additional appraisal well off western Nigeria in OML 113 will be pursued by Syntroleum Corp., Challenger Minerals, Inc., Providence Resources Plc, Energy Equity Resources Ltd., and Yinka Folawiyo Petroleum Corp.
Under the joint-venture agreement, partners have until April 5, 2007, to drill the Aje-4 well, subject to rig availability. Lundin Petroleum and Palace Exploration Co. opted out of the new well,. YFP and Syntroleum are in discussion with other companies regarding joining the JV.
"We believe the Aje field is a commercial discovery which can be economically developed due to the rapidly improving gas market in Nigeria and the rich yield of condensate and LPG in the gas," said Tunde Folawiyo, managing director of YFP "We look forward to working with the existing group and their new partners to expedite the development of this asset."
Aje-1 and -2 tested a combined rate of 6,255 b/d of oil, 1,729 b/d of condensate and 66.7 MMcf/d gas. Since the drilling of Aje-3, the participant group reprocessed the 3D seismic and conducted a new evaluation of the reprocessed data.
10/6/06
