Petralon Invests Over $10M in OPLs 2005, 2006
“Petralon Energy said it has committed in excess of $10 million over the last six months to complete the re-entry of the existing Dawes Island-1 well in oil block located in oil prospecting leases (OPLs) 2005 and 2006 in Rivers State.
The Company stated that the drilling campaign in the Dawes Island well is at an advanced stage, having drilled over 4,100 ft with the side-track to a target depth of about 7,010ft well underway.
The Chief Executive Officer of Petralon Energy, Ahonsi Unuigbe, said: “We are extremely delighted to be developing the Dawes Island marginal field. At Petralon, local content meets global best practice and I am confident that our dynamic approach coupled with our experience and expertise will make this project a success. We anticipate a base case initial production from the field of 1,500 barrels of oil per day (bopd), which is expected to be ramped up to 3,000 bopd by year end.
“We are proud to be part of the rapidly growing group of indigenous companies who have the technical competence and financial resources to own and operate assets in Nigeria, fueling the growth and development of the indigenous upstream sector in Nigeria.”
Petralon Energy, an indigenous exploration and production (E&P) company also noted it recorded progress in its oil block and expects first oil from the asset in July.
Petralon farmed into the Dawes Island field in OPLs 2005 and 2006 in July 2014, in partnership with Tako E&P Solutions Limited. The Dawes Island marginal field located in OPLs 2005 & 2006 was formerly oil mining lease (OML 54). The oil and gas asset is in swamp terrain about 15km southwest of Port Harcourt in Rivers State and occupies an area of 40km2.”
“Petralon farmed into the Dawes Island field in OPLs 2005 and 2006 in July 2014, in partnership with Tako E&P Solutions Ltd.”
“The field was previously owned by Chevron Nigeria Limited as OML 54 but it is currently owned by Eurafric Energy Limited. Petralon acquired a joint stake in Dawes Island with Tako E&P at 35 per cent and 14 per cent respectively. Tako E&P an indigenous company registered in Nigeria to carry out businesses in the upstream, midstream, downstream and the entire energy sector.”