OUR ASSETS

Dawes Island

The Dawes Island Marginal Field is in OPL 2006 (formerly delineated as OML 54). OML 54 was initially part of the NNPC/Chevron Joint Venture, which was operated by Chevron till it was re-offered as OPL 2006, during the Nigerian Government’s 2007 Licensing Round. The Dawes Island field is located in the south-eastern segment of the block in pre-dominantly swamp terrain, with a water depth of around 4m. The field is about 15km south-west of Port Harcourt, 7km west of the Onne Free Trade Zone, and 35km north of the Bonny Terminal. The field is administratively located within Rivers State and covers an area of 40 sq. km.

The field is covered by 129 sq. km of 3D seismic data, which was carried out by Chevron in 1996, as a joint survey with Shell Petroleum over its contiguous acreage. Chevron estimates recoverable reserves/resources up to 19.5 mmbbls, which cuts across two fault blocks (Up-thrown Block A and Down-thrown Block B). The field was discovered by the DI-1 exploration well which was a vertical well drilled by Chevron in 1979 to 10,335 ft. The exploration well encountered hydrocarbons in multiple sands between 8,500 – 9,700 ft MD/TVD but had to be abandoned due to a stuck drilling pipe.

The field was initially delineated and awarded as a marginal field during the 2003 Marginal Field Bid Round. Following more than a decade of non-performance of the required development work on the field, Petralon 54 Limited, a Petralon subsidiary led an investment into the asset and was instrumental to development initiatives commencing with the re-entry/drilling of the Dawes Island well which led to the establishing/confirming the presence of hydrocarbons in two reservoirs – the G and H sands. The re-entry/drilling campaign was carried out about 200 ft from the DI-1 well and drilled to a depth of 9,400 ft. The well was subsequently completed by Petralon 54 Limited as a dual-string producer and an Early Well Test and subsequently an Extended Well Test were carried out, following the mobilisation of surface facilities – an Early Production Facility (EPF), the accompanying storage infrastructure, the requisite Environmental, Health Safety and Security (EHSS) accoutrements and accommodation on the field. From 2014 to 2020 Petralon 54 Limited invested over $25 million on the drilling program and development initiatives on the field.

Petralon 54 Limited has recently been notified of the award of a 100% interest in the field by the Department of Petroleum Resources (DPR) with approval of award from His Excellency, Mr. President and Honourable Minister of Petroleum Resources, following its payment of the required Signature Bonus to the Federal Government of Nigeria.

As the operator of the field, Petralon 54 Limited is in the process of commencing operations on the Dawes Island Field; our focus on a near term commencement is borne out of our vision to deliver collective value for all. We intend to engage the youths of our community in gainful employment, to bring deserved prosperity to the community as a whole, to contribute to national GDP, to generate revenue and enrich the coffers of the nation by paying the attendant taxes as due, we will deliver value to all stakeholders. We have begun mobilisation of facilities and resources required to start full production of the field by Quarter 4 2021.