New Article? Says Spudding to possibly begin in 2nd quarter.
Addax Petroleum to commence drill of lucrative Block 4 in Nigeria-Sao-Tome JDZ Deal Sunday March 8,2009
newsdiaryonline.com (editor@newsdiaryonline.com)
Very soon deep water drilling activity within the Joint Development Zone JDZ between Nigeria and Sao Tome and Principe will be intensified.Sources told Newsdiaryonline that in deed the drilling is coming to fruition in the aftermath of pressure on the companies involved by both countries under the aegis of the Nigeria-Sao Tome Joint Development Authority,JDA.
In the round of drilling that will soon commence particularly the second or third quarter of this year , Addax Petroleum appears to have scored the bull`s eye as it has secured the seemingly highly lucrative Block 4 .Drilling is expected to commence on the block anytime at the end of the second quarter of 2009.Newsdiaryonline sources said Addax has informed the JDA it would be using Deep Water Pathfinder for its drill. It was also learnt that a press release will be issued by Addax and the JDA in a few days' time to announce the commencement sweet-heart deal.
Already an agreement is believed to have been signed between Addax and Transocean Limited for the Deepwater Pathfinder rig. It is expected to be delivered at the end of the 2nd Quarter of 2009, for drilling to commence in the 3 quarter 2009.Four wells are to be drilled commencing with the Kina prospect in Block 4.
These are the words of a source''From all indications exciting times are ahead for the JDZ. Drilling of the rig would be done by Addax .Drilling to begin late 2nd qtr. All operators/participants will make an official announcement soon.I is also expected that the JDA will be issuing a press release on the development''
But it is not Addax alone that would be drilling . There is also Sinopec drilling. Both are expected to occur this year.The companies involved see the venture as lucrative and attractive.One executive called it a dream ..
The rig to be drilled by Addax has "an excellent track record'' .Recently as preparation for the epoch making announcement began, sources confirmed at the Joint Development Authority (JDA) that an announcement is going to occur ( possibly a press release) very soon regarding a drilling rig for JDZ Block 4 to occur within next 60 days. This rig is a "rig of opportunity that was recently acquired by addax oil.Another rig-drillship, the Aban Abraham, will also be drilling in JDZ in later 2009.
Upstream Online reported recently that ``Geneva-based Addax Petroleum is set to charter a drilling rig, probably a drillship, to spud its debut wildcat on Block 4 in the Joint Development Zone (JDZ) managed by Nigeria and Sao Tome&Principe.
Addax and its key partner ERHC Energy hope to have the unit on location within two months after pressure from both heads of state to start serious exploration.
``Sources close to Addax suggested funding had already been approved and the company's bankers are onboard with the timetable. Previously, Addax suggested that the block's Kina prospect would be targeted in the second half of this year but local pressure exerted by the Abuja-based Joint Development Authority may accelerate the spud date to the
second quarter.
``Block 4 is estimated to host unrisked oil resources of 529 million barrels with the risked figure being 202 million barrels. The new rig will augment existing plans to charter the Aban Abraham drillship for similar deployment in the JDZ, also likely to be block-4, in the fourth quarter of this year.
Newsdiaryonline source verified all the facts which were said to be very correct. But efforts by newsdiaryonline to get official reactions from the JDA and Addax Petroleum failed as there was no response to e-mail and text messages sent to them.
