Voyager will participate in the drilling of the Al Akhaf-1 exploration well. Drilling is expected to begin by the third week of December. Voyager’s share of the budgeted cost will be A$1.2 million.
The Al Akhaf-1 structure is the largest of several prospects in Block 35 and has mean recoverable reserves potential of 106 million barrels (bbls).
Block 35 covers 7,400 square kilometres and is located near the oil-rich Masilah Block, which has estimated recoverable reserves of 1.2 billion barrels of oil and daily production currently at about 230,000 bopd.
Oil Search interprets the presence of an oil kitchen area in the southern part of Block 35. The Al Akhaf prospect is one of several structures defined by 2D seismic with access to this potential oil charge.
Block 35 is also near Block 43 where Oil Search and partners are appraising the Nabrajah oil discovery.
Voyager is also negotiating with Oil Search and a local company to acquire interests in a two other onshore Yemen blocks. Managing director John Begg said if the company was encouraged by this initial investment, Voyager could opt to build a significant business in Yemen.
“Yemen is rich in hydrocarbons and under-explored,” he said.
"Importantly, we are able to make our entry together with a strong operator, technically very competent and familiar with carrying out business in locations that require discipline and sensitivity to cultural and security issues.
“The amount of money at risk is consistent with our new venture budgeting and will not preclude Voyager from continuing to build on our Perth Basin asset base and pursue other growth opportunities in Australia."
