May 26, 2014 08:00 UTC

Elenilto Provides an Update on Current Offshore Exploration Program in Senegal

LONDON--(BUSINESS WIRE)-- Elenilto, a global oil, gas and minerals mining group, operates an offshore block in Senegal which covers an area of about 8,000 km2 (SOSSB). An oil resource assessment, based on reprocessed 2D seismic and wells, suggests potential exceeding 1.5 billion barrels of oil (STOIIP). About half of the resource is in first priority leads associated with shallow-water (12-26 m) salt domes and deeper-water (1,000-1,500 m) shelf edge traps.

An Independent Expert Report by BeicipFranlab (2014) over geology, geophysics, reservoir potential, conceptual development options and cost estimates generated a preliminary commercial assessment. Scoping economics along a conceptual development of one of the major salt dome leads is robust with significant upside in the case of success for a major development project including subsequent discoveries.

ELENILTO has selected two target areas covering the first priority shallow-water salt dome leads and the deeper-water shelf edge prospects for further exploration; ELENILTO plans to begin a 1,400 km2 3D seismic survey within the next few months.

Senegal is recently attracting increased international exploration interest targeting offshore prospects analogues with those identified in Elenilto's SOSSB; a consortium of Far, Cairn Energy and ConocoPhillips is currently drilling shelf edge and turbidite slope prospects, some 100 km north of SOSSB and Oryx and Svenska are planning to drill shallow-water salt dome prospects some 25 and 75 km, respectively south of SOSSB.

Elenilto is a global oil, gas and minerals mining company, operating in several countries mainly in West Africa developing large scale projects.

Contacts

Elenilto
CEO Senegal
David Ericson, +44 -20-8457-7249
Email: elenilto@elenilto.com
Website: www.elenilto.com


Source: Elenilto