Ryder Scott Company, has confirmed Innoson Oil & Gas (IOG) Limited’s findings from a rigorous hydrocarbon exploration campaign it engaged in the Sierra Leonean basin since 2020.
A concluded independent third party evaluation by the Ryder Scott Company had revealed an SPE-PRMS P50 estimated unrisked gross prospective recoverable resources of 8.2 trillion cubic feet, tcf and 234 million barrels, mmbbl of gas and condensate respectively, attributable to the IOG concession offshore Sierra Leone.
But in a statement, IOG head pf corporate communications, Cornel Osigwe, said: “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.”
Also, IOG’s administrative director, Martin Nweke, noted that the 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 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.