Oil and gas exploration firm Jacka Resources Limited has announced the initial booking of oil reserves attributable to its interests in the Aje field, located in Oil Mining Lease (OML) 113 Nigeria, and notes that first oil is expected at the end of 2015.

Jacka holds a 2.667 percent participating interest in the OML 113, a 6.675 percent contributing interest and a 5.0006 percent revenue interest in the Aje field. Its interests are held by its wholly-owned subsidiary PR Oil and Gas (Nigeria) Limited (PROG).

An independent Competent Persons’ Report on the Aje field recently completed by AGR TRACS International Ltd, on behalf of PROG and its joint venture partners, has indicated that oil reserves for the first phase of the Cenomanian oil development have been assessed as 23.4 million barrels of proved and probable reserves.

The gross contingent resources total an additional 179 million barrels of oil equivalent (mmboe), of which 15.7 million barrels is allocated to the second phase development and the remainder to the later Turonian gas/condensate development.

Jacka booked proved and probable net reserves of 1.3 million barrels at the Aje field and the company’s contingent resources from the second and third Cenomanian developments have been revised upwards to 1.5 million barrels.

Jacka’s total net 2C contingent resources from the Aje field have been increased to 12.1mmboe from 10.5mmboe.

Max Cozijn, Jacka’s chairman, said in a release on Tuesday: “Jacka is pleased to achieve this milestone in the development of the Aje Field and of the Company. Following the Final Investment Decision by the joint venture the first significant activity in the field will be the drilling of Aje-5 and the completion of this well and the existing Aje-4 well in Q1 2015. Installation of the production facilities, including tying the wells to the FPSO, will occur later in 2015. Jacka looks forward to achieving first commercial production at the end of 2015.

“I am also pleased to note that AGR TRACS have reported that the development scenarios for both the current project, targeting Cenomanian oil only, and the combined Cenomanian oil development and Turonian gas/condensate developments look economically robust.”

The joint venture participants have undertaken detailed development planning studies of the Aje Field which have now been completed and they are currently considering the proposal to proceed with the Phase 1 Cenomanian oil development. A final investment decision (FID) is expected in the near future with first production expected at the end of 2015.

The operator is Yinka Folawiyo Petroleum and the technical adviser to the operator is Folawiyo Aje Services Limited, a company directed by the joint venture operating committee and supported by staff and services from the joint venture participants.