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AKER ENERGY: SUCCESSFUL PECAN-4A APPRAISAL WELL OFFSHORE GHANA

10.01 2019 09:21

(Accra/Fornebu, 10 January 2019) Aker Energy, as the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, announces that it is about to complete a successful drilling operation of the Pecan-4A appraisal well offshore Ghana.

The well was drilled at the Pecan field in the DWT/CTP block approximately 166 kilometres southwest of Takoradi in Ghana, to a vertical depth of 4,870 meters in 2,667 meters of water. The DWT/CTP block offshore Ghana contains seven discoveries, of which Pecan is the main discovery to date.

The main purpose of Pecan-4A appraisal well was to confirm Aker Energy’s understanding of the geology in the area and to identify deep oil water contact in the Pecan reservoir. This was successfully proven.

"We are pleased to announce the well results, confirming our understanding of the area, as well as the resource base and upside potential in the DWT/CTP block. Based on these results, we will optimise the Plan of Development for the Pecan field. There is still a lot of work to be done, including to conclude the phasing of the development, the size of first phase and detailing of the concept. Our most important priority going forward is to deliver a robust field development plan to the Ghanaian authorities," says Jan Arve Haugan, Chief Executive Officer at Aker Energy.

Based on existing subsurface data from seismic, wells drilled and an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 – 550 million barrels of oil equivalent (mmboe). Aker Energy estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development (POD) have the potential to increase to between 600 – 1,000 mmboe. In addition, there are identified multiple well targets to be drilled as part of a greater area development after submission of the POD.

“Aker Energy sees great potential in this promising area offshore Ghana. We see the foundation for a phased development producing through several production units. Since we became the operator less than a year ago, we have established an open, inclusive and transparent collaboration with Ghanaian authorities. This partnership will enable us to unlock the vast potential in the area to the benefit of both the Ghanaian society and our license partners. We are looking forward to continuing and further strengthening this partnership to develop the Ghanaian oil and gas industries,” concludes Haugan.
Aker Energy is the operator of the DWT/CTP block with a 50% participating interest. Aker Energy’s partners are LUKOIL (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade (2%).

Media contact:

Håkon Høgetveit, Head of Communications, Aker Energy
+47 476 29 348 | haakon.hoegetveit@akerenergy.com

Investor contact:

Per Kristian Reppe, Investment Manager & Head of Investor Relations, Aker ASA
+47 900 33 203 | per.reppe@akerasa.com

About Aker Energy

Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, with a 50 per cent participating interest in the licence. Aker Energy aims to become the offshore oil and gas operator of choice in Ghana. The company benefits from the Aker Group’s extensive track-record within the oil and gas industry around the world, and its proven project execution, technical and subsurface competence and ability. Aker Energy is now operational with offices in Oslo, Norway and Accra, Ghana. Aker Energy is envisioning to go beyond local content and share knowledge and experience to strengthen the local oil and gas industry in Ghana. For more information, please visit www.akerenergy.com