ODYE Limited has been provisionally awarded ODYE participation in two offshore exploration blocks, SL 8A-10 and SL 8B-10, in Sierra Leone.
The exploration blocks were provisionally awarded and subject to negotiations by the Petroleum Directorate of Sierra Leone for its 3rd bid round for nine open offshore exploration blocks, with the bidding closing on 30 March 2012.
According to ODYE spokesperson, Patrizia Ferrarese, “The Company is looking forward to working with the other participants in these provisionally awarded blocks, Chevron Sahara and Noble Energy, to develop the assets for the benefit of all stakeholders and the people of Sierra Leone. ODYE reiterates its commitment to sustainable development and the preservation of the environment in its exploration and operational efforts.”
The exploration blocks SL 8A-10 and SL 8B-10 contain 2584 sq. km and 3020 sq.km of area respectively. The leads in the exploration blocks consist of Early to Late Cretaceous oil prone marine source rocks, primarily shale, sand and shale basin floor fans, channelized sand sequences and potentially high porosity sands.
The extremely poor West African nation has been trying to recover its economy following a devastating war which lasted between 1991 and 2002. The country is largely dependent on foreign donations, and development of its hydrocarbons reserves would help the country get back to its feet.
A number of of offshore oil discoveries have been announced since 2009, the latest being Anadarko’s Mercury-2 well which intersected over 270 metres of reservoir quality sandstones which were water bearing with oil shows.
[mappress] Offshore Energy Today Staff, July 12, 2012