All dollar values are expressed in
•Completed acquisition of 350km of 2D seismic on the West Bakassi Block in
Work is underway to process and interpret the seismic data and we expect to have an inventory of drilling prospects completed by year end. Drilling of our first well is expected to start in Q4, 2015.
Block H, West Gharib,
The 2014 drilling campaign began the first week of
Meseda-14H was drilled as an appraisal well to test the NE limit of the field. The well encountered 128 ft. of net oil pay in the Asl sand. The well was put on production on
Meseda-10H was drilled as an appraisal well to test the NW limit of the Meseda field. The well encountered 136 ft. of net oil pay in the Asl sand. It was put on production on
Meseda-4H was drilled as an appraisal well to test the SW limit of the Asl reservoir in the Meseda Field. The well encountered 17 ft. of net oil pay in the Asl sand and rig released a week ago. Production is expected to start shortly and we anticipate an average production rate of 250 bopd (50 bopd net to Madison).
With the additional volumes from the three wells, net Madison production will be approximately 1,000 bopd after State take. Depending on rig and materials availability, one or two more development wells may be drilled prior to year-end.
In July, 2014 the Company entered into a financial arrangement with a large
This arrangement gives Madison the confidence to continue to meet future capital expenditures in
With a strong balance sheet, free cash flow and world-class exploration upside, Madison continues to build value as the Company enters into a period of strength with significant optionality.
Cautionary Statement to Investors:
This news release may include certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to possible future events. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Madison's forward-looking statements are based on the beliefs, expectations, opinions and assumptions of the Company's management on the date the statements are made, such statements are inherently uncertain and provide no guarantee of future performance.Actual results may differ materially from Madison's expectations as reflected in such forward-looking statements as a result of various factors, many of which are beyond the control of the Company. Madison does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change, other than as required by law, and investors should not attribute undue certainty to, or place undue reliance on, any forward-looking statements.
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