OML 115

*Source: NSAI

Background

OML 115 is located in the translational structural setting of the prolific offshore eastern Niger Delta (South East Nigeria). The block is located 40 km from the coast in water depths ranging from 118 to 269 feet surrounding the Oriental operated Ebok and Okwok development area and close to the giant Zafiro Complex. The southern portion of the Okwok structure (Okwok South) extends into OML 115 and significant additional prospectivity has been defined within the channelized Qua Iboe system. Gross resource potential has been independently certified at 206 mmbbls.

OML 115 - Awarded

OML 115 was awarded in September 1990, as OPL 224, with a mandate to carry a minimum work program requirement of acquiring up to 1000 km of seismic data and drilling a minimum of three exploratory wells. To date Oriental has drilled a total of 4 wells, including the UFON discovery well, and has acquired the committed 2D seismic survey as well as a 2004 3D seismic survey covering the entire OML 115-Okwok Field area. The block was granted OML status in 1998.

OML 115 activities

In February 2004, a high resolution 3D seismic data set was acquired over the entire OML 115 area, including the Okwok Field. The Ameena-1 exploration well was drilled in the 4th quarter of 2004, confirming the presence of 300 feet of high-quality Qua Iboe reservoir sand that produces over 500,000 bopd in neighboring fields. Ameena-1 is the sixth well to be drilled on OML 115. The well was plugged and abandoned in October 2006. Although the well was not a commercial success, it confirmed the geologic premise for the presence of high potential prospects with large oil reserves on OML 115.

In 2006 data trades with the neighboring blocks were concluded, providing Oriental with extensive data coverage of the surrounding blocks. This enabled the re-mapping of OML 115 in 2006, taking advantage of the additional extensive data sets.

Following the farm-in to appraise and develop the nearby Ebok and Okwok fields, in January 2010 Oriental announced a Joint Venture Agreement with Afren and Energy Equity Resources (‘EER’) to participate in the exploration, appraisal and development of OML 115. OML 115 benefits from the standard Nigerian Royalty Tax Fiscal terms.

Forward work program

Following the completion of the Ocean Bottom Cable 3D seismic over the whole Ebok/Okwok/OML 115 area on 4th November 2011, an exploration well is now planned on OML 115 with expected spudding in mid 2012.  The Ufon prospect is a 60 mmbbls target that is interpreted to have oil prospectivity in the same D Series reservoirs that have been proven to be oil bearing at the nearby Ebok and Okwok fields.