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Oil & Gas Journal

By OGJ editors

HOUSTON, Sept. 18 -- Atlas Petroleum of Nigeria and TransAtlantic Petroleum Corp., Calgary, restructured agreements that govern operations on Oil Mining Lease 109 that contains the producing Ejulebe oil field.

This split the lease into a 15,000-acre area containing Ejulebe and a 200,000-acre joint exploration and development area.

The companies are performing AVO analysis of the 3D seismic data from the 15,000-acre area to support an evaluation of whether infill drilling would be economic in the field, which is producing 7,000 b/d and starting to decline. The field is 10 miles offshore in about 50 ft of water.

Atlas and TransAtlantic said they resolved operational disputes, dismissed an arbitration proceeding, and plan to expedite exploration and development in the 200,000-acre area through farmouts or other participation by outside investors.