Located offshore and 40 miles southwest of Lagos, the Aje Field is a proven, undeveloped oil, gas and condensate accumulation of Turonian to Cenomanian age. Two tested wells flowed at combined rates of 13,000 b/d and 120 MMcfg/d and confirmed sufficient oil, gas and condensate reserves for commercial development. The Aje Field has a well defined upside potential (P10) of approximately 1.2 TCF and 235 MMB liquids. Sovereign negotiated the initial farm-in by Syntroleum Corporation with Yinka Folawiyo Petroleum, the Nigerian asset owner. Sovereign successfully marketed Syntroleum’s farm-out interest to a consortium of five US and European oil companies. Sovereign is currently negotiating a gas purchase and sale agreement on behalf of the Aje Partner Group. First production is expected in 2009. Sovereign retains an equity interest in OML 113 and the Aje Field.

Aje Project Detail
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