nice news while we waitFor new investors/ speculatorsDrilling...

nice news while we wait

For new investors/ speculators

Drilling and appraisal of Aje

"Providence Resources Oil and Gas earlier held a 2.667% interest in the OML 113. It was sold to JACKA in December 2011." The website says Jacka holds 5% NOW!

Aje history
"In 1997 an appraisal well, Aje-2, was drilled 1km east of the Aje-1 well. It confirmed the presence of oil and gas in the Turonian reservoir as discovered by the Aje-1 well and encountered a deeper separate additional zone of the Cenomanian formation.
A third well, Aje-3, was drilled by Transocean's Sedco 709 semi-submersible rig in 2005. Although the reservoir quality was not optimum, the well encountered an oil and gas bearing column within the Turonian and Cenomanian reservoirs.
In the first quarter of 2008, another appraisal well called Aje-4 was drilled by the Transocean Deepwater Pathfinder drill-ship to carry out a complete appraisal of the field. Aje-4 well was drilled to assess the extent of the field and identify additional exploration targets. The well encountered hydrocarbon reserves in the main Turonian reservoir.
Drilling of the Aje-4 well confirmed the field contains a laterally extensive reservoir structure. The field was declared a commercial prospect in February 2009.
Appraisal of the field was based on 915km of 2D seismic data, 700km2 of 3D seismic data and an electromagnetic survey."

"Aje is primarily a gas condensate field formed in a four-way dip closure trap. It contains gas and oil in the Turonian and Cenomanian reservoirs and an additional gas layer of the Albian formation.
Gross contingent resources of the Aje field are estimated at 380 million boe. Of this 28% is oil / condensate, 20% is LPG and 52% is gas.
he Aje-1, Aje-2 and Aje-4 wells will be completed as producers.
A total of six producers are planned for the field. They will be connected to subsea wellheads and associated flowlines and manifolds in 320ft water depth. The flowlines will, in turn, be connected to the FPSO through risers."

" Aje gas and condensate field will commence oil production by 2014. (Finally cash flow to Jacka).

It said in its website that the oilfield which lies in Oil Mining Lease 113 in the Benin Basin, about 43 kilometres offshore Lagos is at its development stage and is expected to produce between 50,000 to 80,000 barrels of oil on a daily basis. (WOW! that is big.

The OML 113 licence, initially known as the Oil Operating Licence 309 covers an area of 960 square kilometers. YPF secured the former license in 1991 to boost the growth of the Nigerian oil industry. In 1998, after the successful discovery of the Aje field it was converted to OML 113.

The OML 113 licence, with a water depth of about 3,000 feet also contains several prospects, including the Jubilee and Tweneboa fields."

Hopefully the cash flow will kick in soon thereafter production begins. A very interesting 2014 with HW3, Somaliland ,Nigeria and perhaps a few other in Eastern Africa all bringing in results of interest.