Oilgen is pleased to report a successful close of the year, in the context of reduced oil and gas investment in the sector for now two consecutive years.
Oilgen has maintained a collaborative relationship with existing clients and refocused its activity on advisory services.
In May 2016, we were very pleased to take new technical offices situated in a developing and very active area of Aberdeen, proximal to the Union Square center and several oil and gas companies. Our registered office and headquarter remains at Queens Road.
Our technical consulting work was mainly focused at helping our existing clients maintain their production and reserves level. We are pleased to say that we are completing our fifth consecutive year of support on the Onal oilfield situated in Gabon for Maurel et Prom. Our task consisted in updating existing reservoir simulation models as efficiently as possible, revising development plans, proposing new drilling schedules adapted to the economic environment, and setting up the 2017 budget forecast. We also completed a full geological re-evaluation of the Nonville oilfield for Bridgeoil SAS. In the U.S.A., we tested our innovative shale assessment techniques as part of a new advisory project.
Our advisory work load increased significantly in 2016, to now represent about half of our activity.
We were called by the Management team of a large independent company to be part of their confidential evaluation of a joint venture with a National Oil Company.
We also became the advisors of a European small size company for their international expansion.
In the U.S.A., we provided support to the owners of a 25,000 acre lease situated in the Delaware basin, West Texas, to help them find a committed Operator. Oilgen had completed an assessment of the Barnett Shale and Wolfcamp Shale potential of these leases earlier, in September 2015, concluding in the existence of a new oil play. Our findings were made public in Houston at PLS Dealmakers on May 11th, 2016. On September 7th, our analysis was comforted by Apache’s press announcement of the “Alpine High” discovery. Our client’s lease appeared to be immediately adjacent to Apache’s new acreage. The Oilgen anticipation of “Alpine High” is one of Oilgen’s best technical achievements to date.
I wish our clients, partners and followers a very happy 2017.
Laurent Schirrer
C.E.O.