June 20 (Lagos, Nigeria):
Eastlake Exploration and Production Limited (Eastlake) has signed a Financial Technical Services Agreement (FTSA) with Dubri Oil Company Limited (Dubri). This agreement gives Eastlake the rights to develop the Ovia Field, located within the OML 96, an onshore acreage in Western Niger-Delta Nigeria, whose lease and license is owned by Dubri.
The FTSA affords and provides Eastlake dual avenues to generate economic returns from Crude Oil Development (Further Oil Development) and Gas Development from the Ovia Field.
OML 96 Summary:
• OML 96 is located within the Western Delta Depo belt of the Niger Delta Onshore terrain, which is dominated by simple/faulted rollover structures, proven to be very successful with numerous known producing fields
• Asset ownership taken over by an indigenous oil company, since 1987 on sole risk basis.
• The asset currently produces light oil/condensates with a rating between 46 and 65 API, while still having substantial heavy oil.
• Recent 3 D seismic acquired over whole block in 2010 & 2011.
• Recent Competent Person Requirement (CPR) done by RPS in 2015, confirming asset viability and resource level.
• Planned Redevelopment Project / Programme is primarily focused on exploiting the resources and reserves in Ovia Field.
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