- Created on Monday, 10 January 2011 13:35
Exposure to the prolific emerging West African Upper Cretaceous play
Play type similar to recent Jubilee and Odum discoveries
Covered by 1,600 km2 of high quality reprocessed 3D seismic
One commitment exploration well in 2011
Gross independently certified prospective resources of 1,412 mmbbls
The acquisition of the Keta block (which is located offshore Eastern Ghana, positioned at the heart of the Volta River Basin) from Devon Energy Corporation was completed in June 2008. Afren has a 68% working interest and operatorship. The Keta block covers an area of 5,500 km2, in water depths ranging from 1,000 metres to 2,800 metres.
Prime acreage in an exciting exploration fairway
The Keta Block is in the Volta River Basin in Eastern Ghana, next to the maritime boundary with Benin. The block has both Tertiary and Cretaceous prospectivity, with the principal exploration focus being the Cretaceous Albian to Campanian sections. The block offers multiple prospects and leads, with a variety of trapping and depositional settings. A number of these show potential for significant stratigraphic trapping and giant field potential.
Giant field potential – prospectivity upgraded and drilling carry secured
During 2010 we continued with in-depth subsurface studies to further evolve our understanding of the broader prospectivity that the block has to offer. Through this process we identified several large scale prospects in the same Turonian intervals that have proved to be prolific hydrocarbon reservoirs in the eastern offshore zones. As a result of this, NSAI has more than doubled its independent view of gross unrisked prospective resources on the block to 1,412 mmboe.
ENI Acquire 35% Stake in Keta Block
In March 2011, oil major ENI agreed to farm in to a 35% participating interest in the block. The farm down is subject to customary government and partner approvals. Following such approvals, Afren will retain a 35% participating interest and transfer operatorship to ENI. In consideration for the assignment of the farm out interest, ENI has agreed to carry Afren’s share of costs associated with drilling one exploration well during the current exploration period. Afren will also receive non drilling back costs and a carry through a 3D seismic acquisition programme that forms part of the obligation for the next licence phase. ENI is an experienced deep water operator, has an established presence in Ghana where it is already actively engaged in exploration activities and has a drilling unit available that could spud an exploration well on the Keta Block as early as the third quarter of this year. Not only is ENI’s participation a strong endorsement of the prospectivity, further demonstrated by NSAI’s independent assessment, but we now have in place an ideal partnership to unlock the substantial potential that exists on the block.
The current exploration period carries the drilling commitment of one exploration well, which the partners intend to drill in 2011.