Exploration

Work over operations on the gas wells TE-6 and TE-7 have been completed. (Image source: Adobe Stock)

Transition energy company, Sound Energy, has confirmed the release and demobilisation of the Star Valley Rig 101 to the Tendrara Production Concession

The work over operations on the gas wells TE-6 and TE-7 have been fully completed. The wells are being prepared for long-term gas production into the micro-LNG plant currently under construction at site. The works were completed safely with no recordable incidents. The company acknowledged the well management team at Bedrock Drilling Ltd, subcontractors and suppliers, and the Office National des Hydrocarbures et des Mines (ONHYM) for their ongoing partnership and support.

The company has successfully replaced the tubing head spool and ran new corrosion resistant completion tubing into TE-7. The rig will be stacked at the TE-7 site, at no on-going cost to the company.

PEL 93 is more than 10 times larger than the company's Alaskan portfolio. (Image source: Adobe Stock)

88 Energy Limited has announced financial results for the half-year ending 30 June 2024

In February 2024, the company farmed-in and subsequently received transfer approval for a 20% working interest in Petroleum Exploration Licence (PEL 93) onshore Namibia. Approved by the Namibian Ministry of Mines and Energy, the transfer was facilitated by operator Monitor Exploration Limited as part of Stage 1 of the farm-in agreement. Monitor now holds a 55% WI with the remaining 25% shared across local entities, Legend Oil Namibia Pty Ltd and NAMCOR.

A three-stage farm-in agreement (FOA) for up to a 45% non-operated working interest in PEL 93 covering 18,500 sq km of underexplored acreage within the Owambo Basin in Namibia was initiated in November 2023 via the company's wholly owned Namibian subsidiary.

The company has identified Namibia as one of the last remaining under-explored onshore frontier basins and one of the world's most prospective new exploration zones. It has noted that PEL 93 is more than 10 times larger than its Alaskan portfolio and more than 70 times larger than Project Phoenix in Alaska.

Recent drilling results on nearby acreage has highlighted the potential of a new and underexplored conventional oil and gas play in the Damara Fold belt, referred to as the Damara Play. It is currently the subject of exploration drilling by ReconAfrica in their nearby PEL 73 block. Historical assessment utilised a combination of techniques and interpretation of legacy data to identify the Owambo Basin, as having significant exploration potential. Monitor utilised a range of geophysical and geochemical techniques to assess and validate the significant potential of the acreage since award of PEL 93 in 2018, identifying 10 independent structural closures from airborne geophysical methods and partly verified these using existing 2D seismic coverage.

In May 2024, the Company announced that Polaris Natural Resources Development Ltd (Polaris) was awarded, the 2D seismic acquisition program contract. Polaris mobilised vibroseis units and recording equipment to location in late June 2024 and the program was completed in July 2024. The fully funded 2D Seismic acquisition program acquired ~200-line km of 2D data with data processing now underway and anticipated to be finalised in Q4 2024.

Results of the new 2D seismic acquisition will be integrated with existing historical exploration data to refine current prospect interpretation. The results may validate up to 10 independent structural closures, maiden certified prospective resource estimate, and identify future potential drilling locations targeting the Damara play.

The project could reduce the fleet’s GHG emissions by up to 10%. (Image source: Opsealog)

Offshore data integration and analysis provider, Opsealog, has been awarded a two-year contract with Azule Energy to reduce fuel consumption and greenhouse gas (GHG) emissions from its offshore supply vessel (OSV) fleet

Through enhanced data collection, integration and analysis, the project could reduce the fleet’s GHG emissions by up to 10%, according to initial estimates by Opsealog.

The agreement covers 28 OSVs in the first year, expanding to Azule Energy’s full fleet of 33 vessels in 2025. The main objective is to reduce the fleet’s fuel consumption and greenhouse gas emissions, supporting regulatory compliance and Azule Energy’s own environmental commitments.

Opsealog’s e-reporting system Streamlog will fully digitise onboard reporting and deliver real-time vessel tracking for the fleet, which is operated across three oil blocks in Angola. This data will be integrated and analysed through Opsealog’s Marinsights platform to provide in-depth insights that will help boost operational efficiency, reduce fuel consumption and emissions, and maximise vessel safety and reliability.

By optimising operations, the project will help Azule Energy address challenges such as the frequent need for vessels to move urgently between the different blocks. It will use data-driven insights to develop a cost allocation system per block, tackling the additional costs and emissions associated with vessel scheduling deviations.

Luis Buezas Jiménez, international business manager at Opsealog, said, “This partnership with Azule Energy demonstrates how digitalisation is an essential foundation for progress on a wide range of operational aspects in the offshore sector – including the industry’s chief priorities of safety and sustainability. Through enhanced data collection and integration, teams will be equipped with data-driven insights to immediately improve operational efficiency and reduce harmful emissions. We are proud to embark on this project and support Azule Energy’s ambitions of delivering responsible energy development for the communities of Angola.”

The Olo and Olo West Fields were formerly part of OML 58. (Image source: Adobe Stock)

Aradel Holdings Plc, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100% interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and NNPC Limited

The Olo and Olo West Fields were formerly part of (oil mining license) OML 58.

The acquisition was completed for a consideration of US$16mn, plus US$3.5mn of deferred and conditional payments. The petroleum mining lease (for Olo) and petroleum prospecting license (for Olo West) will be issued after the payment of relevant Ministerial Consent fees and completion of approved field development plans within designated timeframes.