Business

Innoson Oil & Gas Ltd., on the cusp of a huge 8 trillion cubic feet (TCF) gas discovery, in the Sierra Leonean basin.

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

With estimated recoverable resources of 8.2 TCF and 234 MMbbl of gas and condensate respectively, the Ryder Scott Company, has confirmed Innoson Oil & Gas Ltd.’s own findings from a rigorous hydrocarbon exploration campaign, it’s been engaged in, in the Sierra Leonean basin since 2020.

IOG was awarded nine graticular provisional blocks in May 2020. The following year, the parliament of Sierra Leone ratified a petroleum exploration and production license, in favor 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, amongst others 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 quintessential, IOG exploration team, led by Dr. Andrey Sergeev (Project Director & Chief Geologist) deployed ab initio, robust 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 being appraised. 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. Attractive fiscal and tax regimes by the state of Sierra Leone offer a flexible so robust environment, for a big take.

Innoson Oil & Gas is located in Uru Umudim, Nnewi, Anambra State. Further information can be gotten at www.innosonoil.com

Cornel Osigwe
Head, Corporate Communications

Innoson Oil & Gas Ltd.

Spread the love
Show More

Amaka Angel

My name is Chiamaka Angela Okparaojiego, a BS.C holder, an alumni of Madonna University. I hail from Aguata local government Area Anambra state. A writer, convener and founder of the Anambra State Female Comrade, CEO New Dawn Magazine Anambra state female comrade, Nigeria. Email: okparaojiegoomafuture@gmail.com

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/intelnew/public_html/wp-includes/functions.php on line 5275