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GeoGlobal Resources Inc. Message Board

  • slipperydevils slipperydevils Sep 12, 2013 12:09 PM Flag

    Block CB-ONN-2003/2: DGH okays grant of PML for Ank-21 discovery

    Sept 12: The DGH has okayed the grant of a Petroleum Mining Lease (PML) for the Ank-21 oil discovery made in the Cambay onland block CB-ONN-2003/2.

    The development area for the discovery, which measures only 1.6 sq km, falls in the Bharuch district (Gujarat).

    The PML will finally have to be granted by the Gujarat government.

    The Management Committee (MC) of the block had already approved the Field Development Plan (FDP) of the oil discovery (Ank-21) with the following parameters:
    --Initial Oil In Place (IOIP): 0.71 million barrels (MMBBL)
    --Production Decline Rate: 10% per annum
    --Recovery Factor: 10.84 %
    --Recoverable Reserves: 77,000 barrels
    --Starting Oil Production Rate: 5.6 m3/day
    --Development Area: 1.6 sq km
    --Capex: $427,083
    --Opex: $23.608/bbl
    --Delivery Point: Within the Development Area
    --Historical Exploration Cost: $48.12 million
    --Production profile: 10 years

    The MC, while approving the FDP, had pointed out that the project economics of the discovery turn positive only if the historical exploration cost of $48.12 million is taken as sunk cost on a "going forward" basis.

    The NELP-V block is owned by a consortium of GSPC (50% stake and operatorship), GAIL (20%), Jubilant (20%) and GeoGlobal Resources (10%).