Akrake Petroleum Benin, an indirect subsidiary of Rex International Holding, has achieved first oil from the AK-2H well at the Sèmè Field Block 1 offshore Benin…
Akrake Petroleum Benin, an indirect subsidiary of Rex International Holding, has achieved first oil from the AK-2H well at the Sèmè Field Block 1 offshore Benin, as drilling complications and cost overruns prompt a strategic and financial review.
Lime Petroleum, the parent company of Akrake Petroleum Benin, said the production from the AK-2H well is expected to begin within the next two weeks after the first oil was achieved earlier in February.
Earlier this month, Akrake completed drilling of the AK-2H horizontal production well at Sèmè Field Block 1, targeting the H6 reservoir in the Abeokuta Formation.
The well was drilled with a 1,405-metre horizontal section, including around 950 meters of oil-saturated sandstone. The reservoir section was completed with screens equipped with autonomous inflow control valves, and a downhole electrical submersible pump is being installed.
The well is intended to drain the western section of the field as part of the initial development phase, alongside the planned AK-1H horizontal well.
Despite reaching first oil, Lime Petroleum said drilling operations encountered significant technical complications, resulting in a material increase in drilling costs and a production delay of more than three months.
The company noted the overruns have had a material adverse effect
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