Lake Albert project holds 3Bbbl, Oil of DRCongo says


Lake Albert project holds 3Bbbl, Oil of DRCongo says

KINSHASA, Democratic Republic of Congo -- Oil of DRCongo, the Fleurette Group's oil exploration subsidiary, has announced an update of the interpretation of the recently processed 3D seismic surveys acquired in 2013-14 over its prospects in Blocks I and II in Lake Albert in the Democratic Republic of Congo.

The seismic campaign covered approximately 700 km offshore and 150 km onshore. Oil of DRCongo has now completed the interpretation of the seismic data. The analysis was undertaken by GeoTrace and Ecopetrol in conjunction with Sproule International, and it indicates around 3 Bbbl of oil in place.

As anticipated from early stage seismic results, the oil in place on the DRC side of Lake Albert mirrors that of the Ugandan side. Therefore, the results show a potential significant resource, which has the ability to fundamentally rescale the GDP of the DRC if it can be safely and economically extracted and exported.

Oil of DRCongo's next priority is the establishment of two exploratory wells plus a 3D seismic campaign focused on the most complex structures identified. The company is presently carrying out a feasibility study aimed at evaluating the entire drilling exercise with particular reference to the two wells to be made on the identified prospects.

The preparation phase of the drilling includes relocation of some local communities, transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment. The Tender Documents for the drilling works expect to be launched by the end of October 2014.

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