Maurel & Prom: Last Update on Exploration/Production
PARIS, December 22 /PRNewswire-FirstCall/ --
- Operating Permit Granted for the Ocelote Field in Colombia
- A new Exploration Permit in Colombia
- Last Update With the Onal Launch in Gabon
- Evidence of Oil on Omal-1D in Gabon
Ocelote field (100%) in
In
tabled a development plan for the Ocelote field with the National Hydrocarbon
Agency. The operating permit was received on
The boost to processing capacity starting in early
result in 100%-owned oil production amounting to 10,300 b/d (up from 5,300
b/d currently), which will increase net entitled production from Maurel &
Prom in
than 1 million barrels had been produced from the Ocelote field.
As from late 2009, a 54 km oil pipeline will be operational between
Ocelote and Las Palmeras in order to reduce operating costs while also
securing transport of the large volumes produced.
DeGolyer and MacNaughton, the independent US appraisal firm, are
currently valuing and certifying the reserves of this field.
Onal field (85%) in
The gas pipeline designed to supply the Onal facilities in
come on stream as from
facilities will be able to begin from this date. In view of the Christmas
holiday period and technical uncertainties, this will no doubt take longer
than originally planned, which prevents the Group from issuing a firm date
during January for the launch of production on the Onal field.
All commercial and oil and gas transport agreements have been signed.
Evacuation of production from the Onal field will initially be limited to
10,000 b/d for a 3 month period.
Following the
oil produced by the Omko-1 well with that produced by Onal and Total are
positive.
Laying of the oil pipeline between the Omko field and the Onal production
centre will be completed by the end of January. The Group has been granted a
long-term testing permit for the Omko-1 well, for which production will be
subject to a firm agreement on the evacuation of oil produced with Total.
An application for an Exclusive Operating Permit will be filed once two
Omko field appraisal wells have been drilled, drillings which are scheduled
to take place during the first quarter of 2009.
Given that the Eureka well did not discover any faults that would enable
commercial gas production, it was plugged and abandoned.
Maurel & Prom, through its wholly owned subsidiary Hocol S.A., has signed
with the National Hydrocarbon Agency of
Production Contract (VSM-10). The total awarded area covers 433 kmsquared
(See the map). Block VSM 10 is located in the Upper Magdalena Basin in the
Tolima Department. The royalties will be 14%. This block will be operated by
HOCOL S.A. on a 100% basis. Over the next 36 months HOCOL S.A. is committed
to acquire 87 km of 2D seismic, 250 kmsquared of 3D seismic and drill one
exploration well.
After obtaining this new exploration license, Maurel & Prom, and its
partners, have initiated a procedure to relinquish the Upar exploration
permit (M&P 35%).
On the Guarrojo permit (M&P 100%), the Guarrojo NE-1 well found the
reservoir was lower in the aquifer than planned. The well was suspended and
may be used as a water injection well. This result has no negative impact on
the P1+P2 reserves evaluated on the Ocelote field. The drilling rig will then
start the operations on the Ocelote SW-2 well.
The Saltarin Centro-1 well has been drilled down to its final depth of
970 m. Two intervals have been tested without locating any oil. Drilling on
the Saltarin Este-1 well, which still remains a key and independent
objective, will begin at the beginning of January.
The Galeandra-1 and Huron-1 wells are currently being drilled down to
1,835 m and 4,500 m respectively. The Ortega Este-1 well is currently under
testing.
On the Omoueyi (M&P 100%) operating permit, the N’Zamo-1 well has
encountered the expected reservoirs in the aquifer and the well has been
abandoned. Analysing this geological phenomenon will require drilling a new
exploration well a few kilometres away from the N’Zamo-1 well.
The Omal-1D (Alonha-A) operating well has encountered the expected
impregnated reservoirs over a distance of 38 m of which 8.4 m is viable. This
well will be tested with a view to potentially launching production later
once there is sufficient processing capacity.
On the Bigwa Rufiji Mafia permit, the Minangu-1 well has reached the
final planned depth of 2,883m. The test on the Kipatimu formation is
currently in progress.
The reservoirs encountered in this region are ”tight gas’ type
formations (i.e. gas contained in low porous formations) and are probably not
commercially viable without discovering more conventional deposits nearby.
The Mafia-1 prospect could turn out to be such a type of deposit if the
exploration currently underway proves a success. Drilling of this well
continues at a depth of 2,926 m after ‘side track’. Technical conditions are
extremely difficult; indeed Shell abandoned drilling at a similar depth in
1956. The reservoir, which is expected at around 4,500 m, may be reached by
Last Updated Exploration Drilling Schedule (22/12/2008)
This press release may contain forward-looking statements with respect to
the financial condition, results of operations, business, strategy and plans
of Maurel & Prom. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on circumstances
that will or may occur in the future. These forward-looking statements are
based on assumptions which we believe are reasonable but that could
ultimately prove inaccurate and are subject to a number of risk factors,
including but not limited to price fluctuations in crude oil; exchange rate
fluctuations; uncertainties inherent in estimating quantities of oil
reserves; actual future production rates and associated costs; operational
problems; political stability; changes in laws and governmental regulations;
wars and acts of terrorism or sabotage.
Maurel & Prom is listed on Euronext Paris - compartment A - CAC
mid 100 Index
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
2009 Agenda
Thursday February 5, 2009: 2008 Annual sales
Press release to be distributed on each of the abovementioned
days before the markets open
Investor Relations
Laurence Borbalan
Tel. : +33-1-47-03-68-58
Mob. :+33-6-79-44-66-55
Laurence.Borbalan@fd.com
Press Relations
Michelle Aubert
Tel. : +33-1-47-03-68-61
Mob. :+33-6-85-34-45-94
Michelle.Aubert@fd.com
SOURCE Maurel & Prom