Petroleum Prospecting Licence 202 (PPL 202) – Egbolom Marginal Field
Following a successful bid for the Egbolom marginal field (OML23) during the 2020 marginal field bid round, the Federal Government of Nigeria granted SunTrust Oil a 35.82% participating interest in PPL 202 (“Participating Interest”). PPL 202 is jointly held by SunTrust Oil, being the licensee with the largest participating interest, and four others.
Further to the grant of SunTrust Oil’s Participating Interest and the directive of the Nigerian Upstream Petroleum Regulatory Commission to incorporate a special purpose vehicle to operate the Egbolom field, SunTrust Oil, together with its co-licencees have jointly incorporated Ingentia Energies Limited (“IEL”); each licencee’s shareholding in IEL corresponding with its participating interest in PPL 202.
The Egbolom marginal field, formerly situated in OML 23, was discovered in 1982. It is an onshore (swamp) marginal field located in the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Field, operated by Shell.
Egbolom has an Estimated Ultimate Recoverable (2P) Reserves of about 86 million barrels and STOIIP (2P) of 219.8 million barrels with a reservoir depth of 762m. The Egbolom Discovery consists of two wells, Egbolom-1, a vertical well drilled in March 1982 to a total depth of 11,118 ft MD and Egbolom-2 drilled in August 1986 approximately 2.1 km north-west of Egbolom-1 to depth of 12,390 ft MD. The wells encountered stacked sand and shale intervals of the Miocene Agbada Formation. The regional source rock is the underlying Akata shale.
Full field development planning is in its early stages, but a phased approach is envisaged, driven by strong commercials, with wells initially produced through an Early Production System evacuating production by pipeline to nearby infrastructure.