Oil of DRCongo, a subsidiary of the Fleurette Group’s oil exploration has announced that an interpretation of the recently processed 3D seismic surveys acquired in 2013-14 over its prospects in Blocks I and II in Lake Albert in the Democratic Republic of Congo.
The seismic campaign (1st and 2nd phases) in which Oil of DRCongo has invested in excess of $75 million has covered approximately 700km offshore and 150km onshore including above $20 million on the seismic investigations.
The company contracted TESLA (UK) ro carry out the seismic data acquisition.
Oil of DRCongo says an analysis of the seismic has now been completed by the UK’s GeoTrace and Italy’s Ecopetrol in conjunction with Sproule International.
According to the analysis the two blocks have around 3 billion barrels of oil in place (STOOIP) similar to the amounts already discovered in the Ugandan side.
Oil of DRCongo says the results show a potential significant resource which has the ability to fundamentally rescale the GDP of the DRC by 25% if it can be safely and economically extracted and exported.
The company indicates that the production from Lake Albert can reach. 50,000boe/day.
The next priority according to the company will be the establishment of two exploratory wells plus a 3D seismic campaign acquisition.
Currently Oil of DRCongo is carrying out a Feasibility Study aimed at evaluating the entire drilling exercise with particular reference to the two wells to be made on the identified prospects.
The preparation phase of the drilling includes relocation of some local communities, transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment.
The Tender Documents for the drilling works expect to be launched by the end of October 2014.
“These are very positive results from our extensive seismic campaign. We continue to believe the project has the potential to provide significant revenues and multiple other benefits to the people of the DRC, generating jobs, fuelling development and prosperity and contributing to social progress. We remain committed to making the investment necessary to progress the project, which has the potential to transform the DRC,” commented the CEO of Oil of DRCongo Giuseppe Ciccarelli.
Fleurette, through Caprikat and Foxwhelp Ltd in 2010 entered into a PSC with the DRC Government relating to the oil exploration and production of the Blocks I&II on the Albertine Graben.
Caprikat and Foxwhelp Ltd, through Caprikat and Foxwhelp SARL (DRC), hold a 85% interest in the Blocks, while the remaining 15% is held by the DRC Government. Oil of DRCongo was established by Caprikat and Foxwhelp Ltd in the last Quarter of 2010 as Operator.