Allied Energy, Transocean Ink Deal for Nigerian Drilling

Allied Energy, operator of Nigerian deep water blocks OML 120 and 121, has signed a Deed of Assignment with Transocean and Nigerian Petroleum Development Corporation Limited for the Sedneth 701 (mid-water semisub) to perform drilling of the Oyo No. 7 well.

The semisub is assigned to drill the well between April and August of 2013. The new well, Oyo No. 7, is designed to test the prospective resource potential of the deeper Miocene reservoir in the field, but also to increase production in the Pliocene reservoir. With these dual objectives, the No. 7 well is expected to both significantly increase oil production from the currently producing reservoir and de-risk much of the unrisked resource potential in the field. Oyo, the first deepwater discovery in Nigeria, has been online since December 2009.

"We are very pleased that Allied has executed an agreement for Transocean's Sedneth 701 drilling rig," said Senior Vice President of Exploration and Production Segun Omidele in a statement. "This rig has the necessary specifications to achieve Oyo No.7 well's dual objectives of increasing production from the Pliocene and testing the resource potential in the Miocene, and it also provides necessary certainty for our 2013 drilling operations."


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