On 17 July 2013, FHN completed the acquisition of a 16.9 per cent. economic interest in OML 113 for a total consideration of US$40 million. OML 113 is located offshore Nigeria, and is contiguous to the Afren operated OPL 310 block. The Aje field located on OML 113 was initially discovered in 1996. Three (Aje-1, Aje-2 and Aje-4) of the four wells drilled on the field have encountered oil and gas in various intervals across the Turonian, Cenomanian and Albian sands, and two (Aje-1 and Aje-2) of the wells have comprehensively tested at commercial rates. The JV Partners estimate the Pmean contingent resources to be 167 mmboe principally related to the Aje field with an additional 205 mmboe of mean prospective resources on the block. The JV Partners are considering drilling and commencement of early production on the Aje field with full field development at a later stage likely in synergy with the recent discovery at OPL 310.
JKA Price at posting:
11.2¢ Sentiment: LT Buy Disclosure: Held