Project Profile
Value: Undislcosed
Location: Offshore ondo State, Nigeria
Water Depth: 7 - 8 metres
Start-up Year: -
The Ororo Field sits in shallow water offshore ondo State, Nigeria, in water depths ranging between 23 ft and 27 ft. The Ororo Field was discovered in 1986 with the drilling of the Ororo-1 well by Chevron, which penetrated 197 ft of hydrocarbons in twelve sandstone reservoirs at points close to the crest of each reservoir structure. These consist of 72ft true vertical thickness (TVT) of net gas pay and 125ft TVT of net oil pay. The Ororo-1 well tested at c. 2,200 barrels of oil per day (bopd) from a single zone, and ca 600 bopd from another; two further zones tested gas, and eight zones remain untested. Chevron acquired both 2D and 3D seismic over the Ororo Field. The recoverable hydrocarbons were most recently estimated to be in excess of 20 million barrels gross in a third party report prepared in 2006, which will be the subject of verification by the Competent Person (consultant) to be mandated by Sirius to produce a CPR.
If Sirius decides to proceed to field development, Sirius will be entitled to a 40%. interest in the Ororo field, jointly operating the field with Guarantee and Owena, and Sirius will fund 100% of the development costs. Upon production of oil, Sirius will pay a further US$500,000 in aggregate to Guarantee and Owena and will be entitled to a preferential cash flow from the production of crude oil to recover its investment, receiving 88% of net cash flows from Ororo, until full Cost Recovery is achieved, at which time Sirius’ cash flow entitlement will revert to 40% in accordance with its equity interest.
The Nigerian Federal Ministry of Petroleum Resources (FMPR) has agreed to grant the Ororo Field Partners a three-year extension to the Ororo Field Licence (OML 95) with effect from 1 May 2016. Sirius will pay the Renewal Fee (US$500,000) which is recoverable under the FTSA Agreement entered into between the Company, Guarantee and Owena Oil & Gas announced on 10 October 2011. (July, 2016)
Operators:
Joint Operators:
Sirus Petroleum: Technical and financing partner
Guarantee Petroleum: 55% interest
Owena: 45% interest
Contractors:
Add Energy: Well management contract
Chevron: Drilling contract
GCA: Seismic Data
Schlumberger: Hired for multi-well campaign
Polaris Consulting: Hired to carry out a seabed survey. (March, 2017)
Tidewater Marine International: Provision of offshore service vehicles (OSVs). (April, 2017)
COSL: Drill two wells on the Ororo field off Nigeria.