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HomeNewsInnoson Oil Hits Huge Gas Deposit in Sierra Leone

Innoson Oil Hits Huge Gas Deposit in Sierra Leone

Innoson Oil & Gas Ltd,.a member of the Innoson Group, with office in  Uru Umudim, Nnewi, Anambra State, Nigeria, has discovered  eight  trillion cubic feet (TCF) of gas in Sierra Leone.. The discovery of the huge gas deposit, with estimated recoverable resources of 8.2 TCF and 234 MMbbl of gas and condensate respectively, was corroborated  by Ryder Scott Company, which confirmed Innoson Oil & Gas Ltd.’s own findings after a rigorous hydrocarbon exploration campaign in the Sierra Leonean basin that started in 2020.

A recently concluded independent third party evaluation, by the Ryder Scott Company, revealed an SPE-PRMS P50 estimated unrisked gross prospective recoverable resources of 8.2 TCF and 234 MMbbl of gas and condensate respectively, attributable to  Innoson Oil & Gas (IOG) concession offshore Sierra Leone.

Confirming the development, Head, Corporate Communications, Innoson Group, Cornel Osigwe, said Innoson Oil & Gas was awarded nine graticular provisional blocks in May 2020, stressing that the following year, the parliament of Sierra Leone ratified a petroleum exploration and production license in favor of Innoson Oil & Gas as confirmed in a letter of conveyance to the company in April 2021.

The Sierra Leonean basin has a working petroleum system, corroborated by oil deposits encountered during previous exploration activities amongst others by Anadarko, Repsol, and Tullow Oil that achieved the Venus B1 discovery and Mercury wells.

 Innoson Oil & Gas Administrative Director, Martin Nweke, disclosed that  boldness, and the willingness to deploy unconventional but performant technological ingenuities and people, constitute foundational propositions that drove the campaign of the industry novice.

With cost, time, and precision quintessential, IOG exploration team, led by Dr. Andrey Sergeev ,Project Director & Chief Geologist, deployed ab initio, robust earth remote sensing (ERS) method for basin reconnaissance. Assessment of gathered ERS data pre-informed the choice and number of graticular blocks in IOG extant acreage. The so determined ERS acreage pre-knowledge reduced the need for 2D & 3D seismic- and well-data to target only prospective anomalous zones in the contract area.

The development opportunity is currently being appraised. Asset evaluation, a field development plan, and the setup of a data room are vigorously pursued with the immediate objective to engage a farm-in partner; ideally, with the financial strength, technological and management competencies to accomplish joint discovery, development, and production.

IOG has a 100 per cent working interest on the prospect with a 10 per cent carried, plus an optional five per cent  paid interest(s) for the state of Sierra Leone. Attractive fiscal and tax regimes by the state of Sierra Leone offer a flexible so robust environment for a big take.