Current Projects

OML 115 is located in the extreme southeastern portion of the offshore eastern Niger delta (see OML 115 map). The block is located approximately 40 km from the coast in water depths ranging from 36 to 82 meters.

The Okwok Field is bounded to the north, east, and south by OML 115, and to the west by the Ebok Field in OML 67 (see Okwok Field map).

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 new 2004 3D seismic survey covering the entire OML 115-Okwok Field area. The block was granted OML status in 1998. Oriental plans to drill a new exploratory well in 2007 following extensive re-mapping of the block in 2006.

OML 115 Activities » During 2006 - 2007

In February 2004, a new 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 will 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. The results of the re-mapping are discussed in the section Exploration Activities for 2006. Based on these results, Oriental plans to drill a new exploration well in 2007, targeting the leading prospect on the block.

Okwok Field - Awarded

Negotiating rights for the Okwok Field were awarded to Oriental in October 2001 as compensation for Oriental's losses to its OML 115 block resulting from the shift in the international boundary with Equatorial Guinea following the finalization of the maritime boundary treaty between Nigeria and Equatorial Guinea in 2000.

Okwok Field Activities » During 2006 - 2007

Following final government approval of the Okwok Field farm-out agreement and Oriental's assignment to Addax Petroleum in June 2006, Oriental and Addax commenced a 4 well appraisal drilling program utilizing the High Island IX jackup drilling rig. The program was successful in testing light crude oil in over-pressured sands within the proven formations discovered by Mobil-NNPC in 1968. In 2007 Oriental and Addax will drill 2 additional wells and have commenced the FEED for the phase one development plan for the field. Subject to the successful completion of these wells, the Okwok field is expected to achieve first oil in early 2009. In the meantime, Oriental and Addax have reprocessed the 2004 3D seismic with dramatic improvement of reservoir imaging in the field. The parties will conduct a 3 month reinterpretation of the field data set to be completed by July 2007. Drilling operations are expected to commence in September 2007.