Afren announces First Oil from the Okoro Setu Project

abarrelfull wrote on 10 Jan 2013 13:11
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10 June 2008 - Afren plc ("Afren" or the “Company”) and its partner Amni International Petroleum Development Company ("AMNI") are pleased to announce First Oil from the flagship Okoro Setu Project, located in OML 112, in shallow water offshore Nigeria.

Highlights

• In June 2006, Afren announced the agreement signed with AMNI, a well established indigenous oil & gas company, for participation in the development of the Okoro Setu Project.
• During 2007 the partners received approval of the Field Development Plan and secured a Floating Production Storage and Offtake Vessel (“FPSO”).
• In Q1 2008, development drilling commenced from a subsea template using Transocean’s Adriatic-6 jack-up rig. The 10-point fixed mooring system for the FPSO vessel was installed in January and the Armada Perkasa arrived in March 2008 and was hooked up to the anchor system.
• In May 2008, the wellhead platform was installed and flowline connections are progressing.
• Initial production from the first of two wells drilled to date has commenced at a rate in excess of 3,000 barrels of oil per day (bopd) of 27º API gravity oil, which is in line with expectations.
• The remaining wells will be batch drilled and the Company is on track to achieve full production of 15,000 bopd in Q3 2008.

Osman Shahenshah, Chief Executive of Afren, commented:
“I am delighted that Afren has achieved its first organic production, a key milestone in the Company’s history that underlines its operational strengths and technical capabilities.

“We have worked in close cooperation with our indigenous partner AMNI International Petroleum Development Company and it is testament to our relationship that we have delivered First Oil in just two years since announcing the agreement to develop the Okoro Setu Project. We look forward to accelerating the development of further undeveloped reserves in Nigeria together with our indigenous partners.”

Sani Bello, Chairman of AMNI, commented:
“We are very pleased to have delivered First Oil on the Okoro Setu Project. This is a significant achievement for the AMNI/Afren partnership and represents an important contribution to the rapidly expanding indigenous oil & gas sector. ”

• Afren announces First Oil from the Okoro Setu Project

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