Akaishi Global Announces Oil Discovery In OCP Block, Ghana

Top Quote The Akaishi Global is pleased to advise that today Ghana Exploration Division and Production Limited operator of the Offshore Cape e Points block in Ghana in which the Akaishi Global has an interest, has announced a potentially significant oil discovery in the block. End Quote
  • (1888PressRelease) October 18, 2012 - Akaishi Global has a 47.222% interest in the OCP license, GEDPL 37.778%, and state company GNPC 15.0%, with a back-in option for an additional 5.0%.

    The discovery well, which was drilled some 50 km offshore in 825 meters of water, reached a total depth of 3,650 m and encountered a 76 m gross oil-bearing interval of in Cenomanian sandstones. During production testing the well flowed dry 30°API oil at a facilities-constrained rate of 5,000 bpd. The oil discovered is not connected to the gas and condensate discovered in either Sankofa or Gye Nyame. The OCP joint venture is now planning an immediate appraisal program to delineate the oil discovery and assess its commercial viability.

    Oil reserves are primarily a measure of geological risk - of the probability of oil existing and being producible under current economic conditions using current technology. The three categories of reserves generally used are proven, probable, and possible reserves.

    Proven reserves - defined as oil and gas "Reasonably Certain" to be producible using current technology at current prices, with current commercial terms and government consent- also known in the industry as 1P.

    Probable reserves - defined as oil and gas "Reasonably Probable" of being produced using current or likely technology at current prices, with current commercial terms and government consent. This is also known in the industry as 2P or Proven plus probable.

    Possible reserves - i.e. "having a chance of being developed under favorable circumstances" - Some industry specialists refer to this as P10. This is also known in the industry as 3P or Proven plus probable plus possible

    Bruce Peterson, President of the Akaishi Global Development Department, commenting on the discovery, said:"We are delighted to have made an oil discovery on the OCP block, which now needs further appraisal and represents an important new opportunity for Akaishi Global' business. This has been an exciting year for the OCP joint venture, with a successful drilling campaign and substantial progress made on plans for exploitation of the OCTP gas. Our focus is to progress the rapid development of the gas discoveries."

    The growing managed futures business is becoming a more important part of the global economy. A secular bull market in commodities has brought in more capital. This may be a good time for responsible, licensed, and independent minded entities to consider working with Akaishi Global.

    Akaishi Global is a 100% discretionary commodity trading advisor (CTA). We provide unique managed future programs to clients. We offer programs appropriate for various client objectives and risk tolerance levels. We position each account, and evaluate possible adjustments on an ongoing basis, in an attempt to maximize long term growth.

  • FB Icon Twitter Icon In-Icon
Contact Information