|
Dove Energy has an enviable operating track record. Since 1998, the Group has concentrated on exploration and development of its primary asset, the Block 53 East Sarr Licence in Onshore Yemen. This has resulted in the development of the Sharyoof Oil Field which was discovered by Dove Energy following an exploration phase involving acquiring, processing and interpreting 2D seismic data and the drilling of two exploration wells. The discovery of the Sharyoof Field resulted in the fast track development of a 25,000 BOPD Central Processing Facility in a remote jebel top location in the Wadi Hadramaut area of Yemen.
Since the discovery of the Sharyoof Field, Dove Energy and its partners have invested more than US$ 290 million of capital (US$ 94 million at Dove Energy’s 32.6% working interest) into the Block 53 fields by the end of 2011, in drilling, installing production & export facilities, and acquiring 3D seismic. Dove Energy’s 2011 turnover from Yemen Block 53 operations was US$ 39.5 million, with a net operating profit of US$ 13.6 million, after taking into account field operating costs of US$ 17.96 per barrel, and capital expenditures. The remaining proven and probable reserves are estimated to be 13.3 million barrels at 1st January 2012. Dove Energy has produced 47.7 million barrels of oil on behalf of its joint venture partners since production commenced at the Sharyoof Field in December 2001. read more
Over the last few years, a new exploration play has emerged in Yemen in the fractured basement. Dove Energy began exploration of this play in Block 53 during 2005. Well Bayoot SW-1 was spudded on 10th December, 2005 – Dove Energy’s first such exploration well. The well contained oil in the basement and Madbi formations and was tested. There are currently 8 producing wells active. read more
In 2005, the Yemen Block 73 PSA was ratified by the government for a first phase of exploration. Work obligations included the re-processing of the existing seismic data, acquisition of 300 km of 2D data and drilling the first exploration well. All these obligations have been met and the license entered Phase 2 in January ’09. Work in 2011 comprised the processing and interpretation of a 2010 Vibroseis 110km2 3D seismic survey in the NE part of the block. No access to the Block was possible in 2011 due to the civil unrest in Yemen, and doubts remain regarding ongoing operational viability. Dove declared Force Majeure on 21st September 2011; however the well is budgeted to be drilled in 2012. read more
In 2008 Dove farmed into an onshore permit in Tunisia – El Fahs, where Dove Energy Inc acquired a 50% paying interest (22.5% equity) in this exploration concession. The license is still in the first exploration phase. Additional seismic data has been acquired and a well location identified.The first well, BAR-1, was spudded date on 18th August 2011 and reached TD in the Neocomian on 30th October 2011. The well was suspended with gas shows, and the results and their implications are being evaluated with a view to determining the forward work programme.Exploration and Drilling costs to end December 2011 are approximately $US 18.9 million, including 207 km of 2D seismic data acquired in September 2009 and drilling the exploratory well in 2011. read more
|
