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  9-11-2011 Mira Resources Commences Operations at Tom Shot Bank

Mira Resources Corp. and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited are pleased to announce that they have commenced operations at Tom Shot Bank Field.

 

Mira accepted the Ben Avon Jack Up Rig (the “Rig”) on the 14th of October 2011 and the Rig arrived on location on the 19th of October 2011. The final pre-loading was concluded in the early morning hours on the 24th of October 2011 and the re-entry process of Tom Shot Bank 1 has commenced. Dependent of the testing program, the program will range from 15 to 41 days.

 

Thomas Cavanagh, President Mira Resources stated, “After several months of delays on the rig’s previous location, we are pleased to announce that as of the 24th of October 2011 we have successfully positioned the Ben Avon Rig at Tom Shot Bank 1 and have started the reentry and evaluation procedures. The combination of the shallow water, strong surface/tidal currents with the variable shallow subsurface conditions made this a complex operation requiring an extensive pre-load of the jack up legs to ensure a safe operation. This has been completed and we have begun the re-entry process.”

 

TSB Field is located within Oil Prospecting License 276 (“OPL 276″) which is adjacent to the Abana Field in Oil Mining License 114 and due north of Addax Petroleum Corp. in Oil Mining License 123 (“OML 123″). Addax Petroleum Corp. is producing almost 50,000 BOPD from multiple fields within OML 123. TSB Field was discovered by Shell Petroleum in 1980 and encountered 425 Gross Feet of hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay with another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs which Shell Petroleum interpreted as probable laminated reservoirs.

                                                                            Culled from Businessday of the 25th of Oct. 2011.

 

 

10-10-2011 Seismic Acquisition Campaign

Newcross Petroleum Limited (NPL) contracted Integrated Data Services Limited/United Geophysical Nigeria Limited (IDSL/UGNL) JV 175 Seismic Crew in the month of September 2010, to commence a 6-Months 3-D seismic exploration campaign on Newcross OPL 283 onshore asset in the Central Part of the Niger Delta Basin of Nigeria. The total coverage area was a 200Sq.km 3-D with a nominal full fold Multiplicity of 5400% (contributed by cross-Lines six (6) fold by in-line 9-fold) to capture deeper events in the subsurface that would generate prospective prospects for a viable exploration investment by the company. All consideration on cost management, risk mitigation, security, environmental and community development were taken into full account during this project. The Prospect area straddles between Edo and Delta States respectively. With a total of almost fifty (50) communities permitted during the project, Newcross had a strong impact on the growth of these communities using its JV Contractor to expand capacity projects.

The Crew commenced operations on the 15th of September 2010, after permitting all the prospect communities while conducting detailed survey of the prospect areas, fixing and defining GPS (Global Positioning Systems) to ensure proper positioning of source and receivers for each swath (seismic lines) that define the areas of coverage on the surface. They made significant progress into drilling phase which lasted from the 8th of October 2010 to the 23rd of March 2011.

Data Acquisition started on the 25th of November,2010 with a deterministic experiment shot for a 5hole x 4m depth patterns in dry terrains and 5holes x 6m depth pattern flushing in wet terrains. One of the landmark achievements of the project was the no. LTI recorded during the operations on the eight (8) swaths that spanned the prospect domains. A total of 4.20 seconds was achieved as maximum time achieved in terms of TWT (two-way-time) of seismic signals returns from the subsurface interfaces.

The acquisition of this data was possible with the engagement of a total workforce of about 900 workers consisting of drillers, surveyors, seismologist, HSE, Contact men etc., with full supervision by the Newcross Project Management team set up to ensure quality for money was achieved with a total of 1,451,230 cumulative man-hours expended. It is significant to mention that with all the sweats, heavy rain pours and climatic variations which the crew had to deal with, the ultimate objective of the data survey campaign was achieved, which is good quality 3-D Seismic, with good resolution, right frequency contents and well defined structural orientation of subsurface structures for a prospective exploration campaign.

 

10-11-2011 Platform-Newcross JV, Others, Get ‘Lifetime’ Ownership Of Fields

Nigerian authorities have extended the tenor of licenses to marginal field holders; granting four (4) more years to companies whose fields have not reached production and awarding "the life of the field" to companies that have since commenced production.

 

In November 2009, the Government suspended the licenses of those companies who had not taken their fields to production, five (5) years after the highly competitive awards of 2004. That suspension has had significant ramifications for some of the companies, who could not access investment because of the action.

 

The six (6) companies and Joint Ventures who had commenced full scale, steady production before November 2009 include Platform-Newcross JV, Midwestern Oil&Gas-SunTrust, Waltersmith Petroman Limited, Pillar Oil, Brittania U and Energia/Oando. They all received life of the field awards, meaning that they are entitled to operate the fields for as long as there are commercial hydrocarbons still to be exploited.

 

Four (4) other companies are close to putting their fields on stream: Frontier Oil expects to commence production of the Uquo Field by the 4th Quarter of 2011; Sogenal is racing to put Akepo field on stream by around the same time and Movido, which has produced the Ekeh field intermittently, hopes to achieve full, steady production before the end of the year. Excel E&P Limited had once conducted extended testing of the Eremor field, but the company is still far from full scale production. These companies could only get license extension of four (4) years.

 

The companies that were unable to get close to first oil, and were also offered the opportunity for four (4) more years, include Sahara Energy (Tsekelewu field), Eurafric (Dawes Island field), Bicta Energy (Ogedeh field), Del Sigma (Ke field), Goland petroleum (Oriri field), Associated Oil & Gas (Tom Shot Bank field), Bicta Energy (Ogedeh field), Guarantee Petroleum (Ororo field), Chorus Energy (Amoji/Matsogo/Igbolo field), Universal Energy (Stubb Creek field), Network E&P (Qua Iboe field), Millenium Oil & Gas (Oza field), Independent Energy(Ofa field), Bayelsa Oil (Atala field) and Prime Energy (Assaramatoru field).

 

  

 

     ©June 2011

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