Aker Energy Makes Successful Oil Discovery in Ghana

Aker Energy has announced that its oil exploration in the Deepwater Cape Three Points block in Ghana have been successful.

The company explained that initial works done show that its Pecan4A well in the block could be holding some 450 to 550 million barrels of oil.

This, the company said has paved the way for further works on other wells in the block as it completes the main well--the Pecan4A.

A statement published by the company and sighted by Citi Business News explained that "the main purpose of Pecan-4A appraisal well was to confirm Aker Energy's understanding of the geology in the area and to identify deep oil water contact in the Pecan reservoir. This was successfully proven".

The Pecan field is approximately 166 kilometres southwest of Takoradi in Ghana, to a vertical depth of 4,870 meters in 2,667 meters of water, containing seven discoveries.

On his part, the Chief Executive Officer of Aker Energy, Jan Arve Haugan assured that the company will soon present a field development plan to various Ghanaian authorities in the oil and gas industry.

He observed that "based on these results, we will optimise the Plan of Development for the Pecan field. There is still a lot of work to be done, including to conclude the phasing of the development, the size of first phase and detailing of the concept. Our most important priority going forward is to deliver a robust field development plan to the Ghanaian authorities".

According to the company it estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development have the potential to increase to between 600 - 1,000 barrels of oil.

It added that there are identified multiple well targets to be drilled as part of a greater area development after submission of the Plan of Development.

"Aker Energy sees great potential in this promising area offshore Ghana. We see the foundation for a phased development producing through several production units. Since we became the operator less than a year ago, we have established an open, inclusive and transparent collaboration with Ghanaian authorities. This partnership will enable us to unlock the vast potential in the area to the benefit of both the Ghanaian society and our license partners. We are looking forward to continuing and further strengthening this partnership to develop the Ghanaian oil and gas industries," Mr. Haugan said.

Aker Energy is the operator of the DWT/CTP block with a 50% participating interest. Aker Energy's partners are LUKOIL (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade (2%).

About Aker Energy

Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, with a 50 per cent participating interest in the licence.

Aker Energy aims to become the offshore oil and gas operator of choice in Ghana. The company benefits from the Aker Group's extensive track-record within the oil and gas industry around the world, and its proven project execution, technical and subsurface competence and ability.

Aker Energy is now operational with offices in Oslo, Norway and Accra, Ghana. Aker Energy is envisioning to go beyond local content and share knowledge and experience to strengthen the local oil and gas industry in Ghana.

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