OPL 917

OPL 917
OPL 917 contains the Igbariam gas and oil discovery, with estimated in place gas volumes up to 300 Bcf and oil in place up to 80 mmbbl.  Two wells were previously drilled on the licence by Shell/BP. Igbariam-1 (1971) encountered gas and condensate with a reported 196ft net gas column and a 30ft condensate/oil column in Cretaceous sandstones; the well was not tested.  The subsequent Ajire-1 well (1972) was water wet.  A number of prospects and leads have been identified south of the discovery well. 

Terms
In March 2008, Afren through a Joint Venture agreement with Global Energy Company Limited (GEC) has signed Production Sharing Contracts for OPLs 917 and 907.  Under the terms of the agreement, Afren Global Energy Resources (AGER) has taken a 41% interest in OPL 907 and a 42% interest in OPL 917, and will act as operator of both assets.  The JV agreement between Afren and GEC defines the commercial terms under which Afren will participate with GEC in the exploration and development of the two licences.  Afren's interests are held through AGER in which Afren holds an 80% economic interest.

Outlook
Near term work programme includes block environmental impact assessment data gathering and analyses on existing discoveries.  New 2D seismic data is expected to be acquired, prior to exploration/appraisal drilling in 2011/2012.