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Springfield E&P targets well on WCTP 2 in Ghana

Springfield E&P targets well on WCTP 2 in Ghana

  

Accra-based newcomer Springfield E&P is set to drill a debut well in 2019 on its highly promising West Cape Three Points Block 2 (WCTP 2) asset off Ghana.

The operator — a subsidiary of Ghana’s Springfield Group, which is headed by Kevin Okyere — is currently evaluating some 800 square kilometres of fresh 3D seismic that PGS’ Ramform Titan vessel acquired on the deep-water block earlier this year. Pre-stack time migration and Pre-stack depth migration volumes is due to be delivered in 2018.

An industry source said “Springfield is looking at various scenarios about what to drill”, suggesting the company’s initial focus could be in the south east of the block, targeting a Cenomanian oil play with associated gas.

The source said WCTP 2 also hosts major gas potential in Campanian reservoirs with oil rims. The block has an enviable location, with Tullow Oil’s Jubilee field immediately to the west, Eni’s Sankofa-Gye Nyame field directly to the east and Hess’ Greater Pecan project to the south.

In addition, WCTP 2 hosts the Odum and Banda oil discoveries plus a northern extension of Hess’ Beech discovery and a likely western extension of Eni’s Sankofa complex.

Based on older seismic data, Springfield identified a number of large Campanian-age leads and prospects, which the new seismic will help image better.

Springfield E&P, the general manager of which is Bernard Vigneaux (a former executive of Total, Perenco, Foxtrot International and SCDM Energie), has an 84% stake in WCTP 2 and will likely look to farm down its interest, although it would still be keen to retain operatorship in any development stage.

While farm-in talks have not got serious, a well-placed source said "a couple of major engineering-type companies are talking to Springfield and making offers, one of which the company will accept".

Springfield E&P targets well on WCTP 2 in Ghana

 

An announcement could emerge in a few weeks and, while details are sketchy, it would take the form of "an offer to finance and supply engineering works". Contracting groups such as Schlumberger and GE-controlled Baker Hughes are known to be assessing opportunities of this nature, but it is not known which company Springfield will sign the deal with. Previous operator Kosmos Energy, which is a minority partner in Jubilee, relinquished the area that hosts Odum and Banda back in 2013, with Springfield awarded the 673-square kilometres block last year.

Okyere said on YouTube last month that “it took us four years to secure this asset". Springfield decided to shoot more 3D seismic because the vintage 2D and 3D data did not cover the entire block. It is understood that Springfield did a deal with Hess so that the 3D survey also extended into the northern part of Hess Deepwater Tano-Cape Three points block to the south.

The Odum discovery contains 18 degree API oil in Campanian sands so is considered a marginal project, although Springfield has identified substantial upside that could boost its resource potential.

Banda has better quality oil plus gas in Turonian and Albian sands but drilling problems (the discovery well was drilled off-structure) led to reservoir damage.

 

Credit: Upstream- The Global Oil and Gas News Source