TUSKAR Resources has sought tenders from contractors for a drilling rig to start development drilling on the Obe oil field, offshore Nigeria. The tenders are being organised by Allied Energy. Dnlling should commence as soon as practicable" this year, according to Tuskar. A progress report said "significant progress" had been made on the well.
Tuskar has a 40 per cent working interest in the concession under a production-sharing arrangement, which entitles it to 75 per cent of profits on the first 50 million barrels of oil produced from oil mining lease (OML) 110, graduating to 40 per cent from oil produced in excess of 200 million barrels.
The lease is valid for 20 years and entitles the leaseholder to exploit oil and gas reserves in the Niger Delta.
The most recent 3D seismic data "has greatly increased management's understanding of the structural definition".
The fault pattern, said Tuskar, suggested "significantly higher recoverable reserves attributable to the known oil-bearing zones than previously accredited by independent petroleum consultants".
