- NewAge in Nigeria
In 2013, NewAge became a partner in the Aje Field in Block OML 113. This block is in the Dahomey-Benin Basin, offshore Nigeria and contains the Aje field as well as a number of exploration prospects. The Operator is Yinka Folawiyo Petroleum, an indigenous Nigerian company. NewAge provides services to YFP, serving in the capacity of a contractor.
The Aje oil and gas field was discovered in 1996, 24 kilometres offshore in 320 feet of water. Four wells have been drilled to date. Aje-1 and -2 tested oil and gas condensate at high rates. Aje-4, drilled in early 2008, logged significant pay and confirmed the presence of four productive reservoirs. The field was declared commercial in February 2009, and Financial Investment Decision approved in 2014. Further potential on the block is being defined following the 3D seismic acquisition in 2014 across OML 113 and the adjacent block OPL 310. Government approval of the initial oil phase was also granted in 2014.
Aje geology differs from most Nigerian Fields in having multiple oil and gas condensate reservoirs formed in Cretaceous sandstones, rather than the more common Tertiary sandstones. The Aje structures are more like those found in the recent Jubilee and Tweneboa discoveries offshore Ghana.
Nigeria Aje Field - Block OML113 Operator Yinka Folawiyo Petroleum (41.875%) Other Participants NewAge (24.06%)
Energy Equity Resources (16.875%)
Panoro Energy (12.19%)
MX Oil (5%)
Discoveries Aje Field, fully defined by 4 wells with 3 reservoirs Work Programme Field development plan approved 2014
New 3D seismic data interpreted
Final Investment Decision approved 2014
First production achieved in May 2016
- NewAge in Nigeria timeline
2013Aje Licence interest acquired2014Field development approved20143D seismic survey completed2014Final Investment Decision approved2014Government approval of Aje initial oil phase2015Drill and complete two subsea wells2016First oil production (Phase 1) achieved May 2016
- Aje Field
A development schematic showing the arrangement of facilities to produce the initial oil phase of the Aje field
The Aje Field Development Plan was approved in March 2014. An early production phase is focused on development of the Cenomanian oil reservoir. It includes two subsea production wells, tied back to a floating, production, storage and offloading (FPSO) vessel.Gas sales would be to the West African Gas Pipeline or to the Lagos LNG market. Final Investment Decision was taken in October 2014 following government approval of the initial oil phase. First oil was achieved in early May 2016.
A full field development phase to produce Aje gas condensate resources in the Turonian and Albian sands is being considered.
Potential full field development with additional oil production and LNG processing facilities to monetise gas