Kunle Kalejaye 14 April 2015, Sweetcrude, Lagos – Oando Energy Resources, OER, says it is aiming to achieve a medium term new production targets of 100,000 barrels of oil equivalent per day, boepd, and reserves of 500 million barrels of oil equivalent, MMboe by 2017.
The targets, according to OER, is being driven by its reserves, exploration drive and vision of becoming a leading exploration and production, E&P player in the Nigerian oil and gas sector.
“Given its reserves, exploration drive and vision, the company looks set to meet its medium term objective of producing 100,000 boepd and reserves of 500MMboe by 2017. With the global downturn and energy firms declaring write downs Oando is still uniquely well-positioned and is clearly a sure bet investment,” the company said in a statement on Tuesday.
Oanda Energy Resources also said the economic value of its proven and probable reserves has increased from $545 million to $1.8 billion
In the statement signed by Corporate Communication Manager, Mrs Alero Balogun, the company said the $1.8 billion economic value of the company’s reserves sequels a significant increase of reserves from 230.6MMboe to 420.3MMboe.
The statement further explained that the new reserves figures which is an 82 percent increase are based on an annual evaluation report of OER’s reserve and resources conducted by worldwide petroleum independent company DeGolyer and MacNaughton (D&M).
“This reserves increase is further validation that Oando’s $1.5 billion landmark acquisition of ConocoPhillips Nigeria assets in July 2014 was indeed a strategically important and timely move.
“The 82 percent increase in reserves is especially reassuring for its shareholders as it is likely to have a positive impact on future revenue for the business,” the statement noted.
Commenting on this reserves increase and the economic value for the company, Chief Executive Officer, OER, Pade Durotoye, said “We are very pleased with the new 2014 reserves numbers which confirms our thesis at the time we embarked on our transformative COP acquisition”.