Allied Energy Gets New Rig Assignment for Oyo Field

Allied Energy Resources Corporation announced that it has received notification of a new assignment date for the Sedneth 701 (mid-water semisub). According to the notification, the operator will take hold of the rig July 31 for a total of 60 days.

The rig will relocate to the Oyo field.

"We are pleased to receive notification of the new proposed assignment date for the Sedneth 701 rig," said Senior Vice President of Exploration and Production Segun Omidele. "Due to our extensive work to date, we are prepared to begin drilling operations for the Oyo well #7 as soon as the rig is assigned with the objectives of increasing production from the Pliocene and exploring the potential of the deeper Miocene."

In January, the company signed a Deed of Assignment with Transocean Ltd. and Nigerian Petroleum Development Corporation to spud the Oyo No. 7 well. Drilling was expected to commence in April.

The operator will drill the Oyo No. 7 development well which is meant to increase production of the Pliocene reservoir and test the resource potential of the deeper Miocene interval.

The Oyo field, one of the first oil discoveries made offshore Nigeria, is located on Leases 120 and 121, roughly 43 miles off the coast in a water depth of 1,345 feet.

Allied Energy serves as the operator of Oyo, holding a 100 percent interest. In April 2010, Pacific Asia Petroleum farmed into the OML and acquired all of Allied Petroleum's assets in the field. 


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