Aker — Regulatory Filings 2019

Apr 26, 2019

Aker ASA: AKER ENERGY COMPLETES APPRAISAL DRILLING CAMPAIGN OFFSHORE GHANA, CONTINUES WORK ON PDO

Aker ASA: AKER ENERGY COMPLETES APPRAISAL DRILLING CAMPAIGN OFFSHORE GHANA, CONTINUES WORK ON PDO

Aker Energy Ghana Ltd. ("Aker Energy", "the Company"), as the operator of the

Deepwater Tano Cape Three Points (DWT/CTP) block, announces that is has

concluded its appraisal drilling campaign offshore Ghana. The Company is

currently working on a revised Plan for Development and Operations (PDO),

following scheduled feedback from Ghanaian authorities.

"Based on close collaboration with Ghanaian authorities, regulators and our

license partners, Aker Energy submitted an application for approval of a

comprehensive development plan with the objective of maximising oil recovery in

the DWT/CTP area and ultimately unlocking significant potential value for the

People of Ghana. We appreciate the ongoing constructive and transparent dialogue

with the Ghanaian authorities and the feedback we now have received is an

important and natural part of the approval process. We are currently updating

the application with an ambition to get the formal approval ahead of our final

investment decision, allowing us to commence execution of this promising

development project," says Jan Arve Haugan, CEO of Aker Energy.

Furthermore, Aker Energy commenced appraisal drilling in the DWT/CTP block

offshore Ghana in November 2018, leading up to the submission of an integrated

Plan of Development and Operations (PDO) on 28 March. The drilling campaign has

now been concluded. The purpose of the appraisal campaign was to verify the

partners' understanding of the area and to prove up additional resources to

further strengthen the Pecan field development. The recent appraisal drilling

campaign has contained of three appraisal wells and a side-track well.

"The appraisal wells have provided valuable information for us to further

optimise the area development plan in the DWT/CTP block. We remain committed to

continue developing the petroleum resources in the area in a way that will

deliver value to the people of Ghana and to us and our partners," says Mr.

Haugan.

Pecan-4A and Pecan South, the first and second wells in the appraisal campaign,

identified deep oil/water contact and confirmed the partners' geological model,

as previously announced. A side-track well to Pecan South was initiated to

verify the volume potential of Pecan South by testing a deeper part of the

structure. The sidetrack well encountered oil shows, but no recoverable

resources due to a tight reservoir. Based on preliminary data analysis, it is

estimated that between 5-15 million barrels of oil equivalent (mmboe) could be

added to the Pecan field development from Pecan South.

Aker Energy has also completed a well in Pecan South East, the third well in the

appraisal campaign. The well encountered oil in a thin upper sand. The partners

will now assess the data gathered from the well to evaluate whether the

accumulation could be tied-in to the Pecan field development.

Once the Plan for Development and Operation has been agreed with the

authorities, Aker Energy estimates that first oil from the Pecan field could be

produced 35 months after the final investment decision (FID).  Reserves, to be

developed in the first phase, are estimated at 334 million barrels of oil.

Discovered contingent resources, to be developed in subsequent phases, are

estimated at 110-210 mmboe, resulting in a combined volume base of approximately

450-550 mmboe. These estimates exclude any additional volumes from Pecan South

and Pecan South East, currently being assessed. The partners have identified

further upsides in the area that they intend to mature as part of the area

development. Aker Energy believes that the total resource potential in the area

is still within the range of 600-1000 mmboe, as earlier communicated.

Aker Energy Ghana Limited is the operator under the DWT/CTP Petroleum Agreement

with a 50% participating interest. Its partners are Lukoil Overseas Ghana Tano

Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and

Fueltrade Limited (2%).

END

For further information, please contact:

Media contact:

Håkon Høgetveit, Head of Communications, Aker Energy AS

+47 476 29 348 | haakon.hoegetveit@akerenergy.com

(mailto:haakon.hoegetveit@akerenergy.com)

Investor contact:

Per Kristian Reppe, Investment Manager & Head of Investor Relations, Aker ASA

+47 900 33 203 | per.reppe@akerasa.com (mailto:per.reppe@akerasa.com)

About Aker Energy

Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and

production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape

Three Points (DWT/CTP) Petroleum Agreement, with a 50 per cent participating

interest in the DWT/CTP Petroleum Agreement. Aker Energy aims to become the oil

and gas operator of choice offshore Ghana, by maturing and producing resources

in a safe, efficient and reliable manner to the benefit of the company, partners

and the people of Ghana. Aker Energy has offices in Oslo, Norway and Accra,

Ghana. For more information, please visit www.akerenergy.com

(http://www.akerenergy.com)