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Economy | Oil & Gas

Innoson Group Announces Gas Discovery in Sierra Leone

May 15, 2022   •   by Others   •   Source: Others   •   eye-icon 523 views

Sunday, May 15, 2022 / 8:43 PM / Innoson / Header Image Credit: The Guardian Nigeria

 

A recent independent third-party evaluation by the Ryder Scott Company revealed an SPE-PRMS P50 estimated unrisked gross prospective recoverable resources of 8.2 trillion cubic feet and 234 MMbbl of gas and condensate, respectively. The reserve attributable to the Innoson Oil & Gas (IOG) concession offshore is in Sierra Leone.

 

IOG was awarded nine provisional blocks in May 2020. The following year, the parliament of Sierra Leone ratified a petroleum exploration and production license in favour of IOG, as confirmed in a letter of conveyance to IOG in April 2021.

 

The Sierra Leonean basin has a working petroleum system, corroborated by oil deposits encountered during previous exploration activities by Anadarko, Repsol, and Tullow Oil that achieved the Venus B1 discovery and Mercury wells.

 

According to Martin Nweke (IOG’s Administrative Director), boldness, and the willingness to deploy unconventional but performant technological ingenuities and people, constitute foundational propositions that drove the campaign of the industry novice.

 

With cost, time, and precision important, the IOG exploration team, led by Dr. Andrey Sergeev (Project Director & Chief Geologist), deployed a rich earth remote sensing (ERS) method for basin reconnaissance. 

 

Assessment of gathered ERS data pre-informed the choice and number of graticular blocks in IOG extant acreage. The so determined ERS acreage pre-knowledge reduced the need for 2D & 3D seismic- and well-data to target only prospective anomalous zones in the contract area.

 

The development opportunity is currently under appraisal. Asset evaluation, a field development plan, and the setup of a data room are vigorously pursued with the immediate objective to engage a farm-in partner; ideally, with the financial strength, technological and management competencies to accomplish joint discovery, development, and production.

 

IOG has a 100% working interest on the prospect with a 10% carried, plus an optional 5% paid interest(s) for the state of Sierra Leone. 

 

This includes an attractive fiscal and tax regime by the state of Sierra Leone,  which offers a flexible and robust environment for investments.

 

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