Sahara Group Upstream Optimistic over Prospects from OPL 274

LAGOS, Nigeria, April 14, 2015 /PRNewswire/ --

Sahara Group's Upstream affiliate Enageed Resource Ltd said it is making good progress with activities in OPL 274 where Sahara operates with a 100% working interest, even as the company continues to press towards optimizing opportunities in the block where last year it hit "first oil". Enageed doubled its certified 2P reserves in Oki-Oziengbe South field in Edo State, while also making a new commercial discovery with the Oluegi-1 exploration well.

According to Segun Ogunwumi, Enageed's Managing Director, the company has continued to witness steady positive outcomes in its activities in OPL 274 preparatory to moving on to the phase of commercial production from the field. "We are doing very well with our timelines and remain focused on the target ahead. We have an amazing collection of staff who are working alongside our regulators and key stakeholders. We remain confident that we will achieve our timelines and ultimately extract maximum value from what has been a historic success so far in OPL 274," he said. 

Ogunwumi noted that whilst the focus on OPL 274 has since taken precedence over other assets in the block the company remains resolute in its commitment to activities in other fields, adding that it would review its position on others following strategic consultations. "We are working closely with the regulatory body and all stakeholders on this," he stated.

Curtis Cohen, Chief Operating Officer, Sahara Upstream, said Sahara's oil discoveries in OPL 274 were a feat representing a number of firsts for Sahara. "We shot our first onshore 3D seismic, drilled and operated our first onshore wells, made our first oil discovery and first appraisal, and tested first oil at rates in excess of 5600 barrels of oil per day. We drilled the three wells back-to-back in just ten months, from a common location and a minimal environmental footprint, and all three wells found commercial hydrocarbons."

ABOUT SAHARA 

Sahara Group is a leading privately owned conglomerate with Power, Refining, Bulk, Aviation, Gas, Infrastructure and Upstream divisions and a footprint covering Africa, Europe, Asia and the UAE. Sahara's Upstream affiliates include Enageed, Sahara Energy Field , Sahara Energy Exploration & Production , Sahara Energy Ghana, Sahara Energy Cote d'Ivoire and Sahara BVI.

For additional information please see http://www.sahara-group.com.

SOURCE Sahara Group