|By PR Newswire||
|August 7, 2014 05:00 AM EDT||
KINSHASA, Democratic Republic of Congo, August 7, 2014 /PRNewswire/ --
- Oil of DRCongo completes analysis of first and second phase seismic campaign
- Total investment in project of $75 million
- Seismic results indicate c. 3 billion barrels of oil in place
Oil of DRCongo, the Fleurette Group's oil exploration subsidiary, today announces an update of the interpretation of the recently processed 3D seismic surveys acquired in 2013-14 over its prospects in Blocks I and II in Lake Albert in the Democratic Republic of Congo.
The seismic campaign (1st and 2nd phases) has covered approximately 700km offshore and 150km onshore. Oil of DRCongo has invested in excess of $75 million in the exploration works of the Blocks I & II so far including above $20 million on the seismic investigations. The seismic data acquisition itself was carried out by TESLA (UK). Oil of DRCongo employed 250 people based in Kasenyi, out of which 204 were Democratic Republic of the Congo (DRC) locals, for the seismic works.
Oil of DRCongo has now completed the interpretation of the seismic data. The analysis was undertaken by the UK's GeoTrace and Italy's Ecopetrol in conjunction with Sproule International. The analysis indicates around 3 billion barrels of oil in place (STOOIP). As anticipated from early stage seismic results, the oil in place on the DRC side of Lake Albert mirrors that of the Ugandan side. Therefore, the results show a potential significant resource which has the ability to fundamentally rescale the GDP of the DRC if it can be safely and economically extracted and exported. As Oil of DRCongo has previously indicated, a production from Lake Albert of c. 50,000boe/day will increase the present GDP of the DRC by 25%.
Oil of DRCongo's next priority is the establishment of two exploratory wells plus a 3D seismic campaign acquisition focused on the most complex structures identified. Oil of DRCongo is presently carrying out a Feasibility Study aimed at evaluating the entire drilling exercise with particular reference to the two wells to be made on the identified prospects.
The preparation phase of the drilling includes relocation of some local communities, transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment. The Tender Documents for the drilling works expect to be launched by the end of October 2014.
Oil of DRCongo has also made further progress on a number of important social commitments. Oil of DRCongo is proud that it, in its capacity as operator of Bocks I and II on the Albertine Graben, it has far exceeded the licencee's obligations to the DRC with regards to providing local community support.
Work has been completed on the refurbishment of the most critical sections of the Bunia-Kasenyi Road (14km over a total of 40km) into which Oil of DRCongo invested USD $700,000 jointly with the Government of the Oriental Province. The road is a vital artery linking the towns of Bunia and Kasenyi. Oil of DRCongo has invested over $4 million in other local projects including assistance to the medical/maternity centre in Kasenyi, staffed by two full time doctors and eight nurses. Oil of DRCongo was also proud to host the inauguration of the school in Jiba (North-West Tchomia-Block I area) for 400 students, which was also attended by the Governor of the Oriental Province H. E. Jean Bamanisa. A new school for up to 400 students will be built in the coastal village of Roo-Voo that will host the rig for the first of the two scheduled wells. The construction of 25 houses to relocate part of the local Community has been scheduled and is presently under a Tender Process.
Giuseppe Ciccarelli, CEO of Oil of DRCongo commented:
"These are very positive results from our extensive seismic campaign. We continue to believe the project has the potential to provide significant revenues and multiple other benefits to the people of the DRC, generating jobs, fuelling development and prosperity and contributing to social progress. We remain committed to making the investment necessary to progress the project, which has the potential to transform the DRC."
About Fleurette Group
The Fleurette Group of Companies ("Fleurette") is a Dutch entrepreneurial business with significant investment in diverse sectors, including natural resources, infrastructure, agriculture and technology. Fleurette has substantial investments and operations in the Democratic Republic of Congo (DRC). The parent company of the group, Fleurette Properties Limited, a Dutch resident company, is owned by Line Trust Corporation Limited strictly and solely as trustees of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler. Mr Gertler is a citizen and resident of Israel and the DRC (and honorary counsel to the DRC) and is committed to developing the country's natural resources and infrastructure, while investing in the Congolese people and their communities.
Fleurette has a proven track record of successful co-operation with diverse parties, including the DRC State-owned mining company Gécamines, and to date has brought more than USD $7 billion of investment into the DRC, on top of its USD $2 billion in private investment. As a result, Fleurette's subsidiaries and partnerships support around 30,000 jobs in the DRC and are amongst the DRC's leading taxpayers, contributing significant revenues to the State.
Fleurette is also a major contributor to social development in the DRC through the Gertler Family Foundation (GFF) and through direct investment in social infrastructure. The GFF is the largest charitable organization in the DRC, funding more than 50 programs and projects across the DRC, which help tens of thousands of Congolese every year. These include rebuilding key hospitals, notably the Kisangini "Hospital du Cinquantenaire"; supporting the Operation Smile campaign in Lubumbashi and Kinshasa; rebuilding Blaise Pascal School in Lubumbashi; and supporting the Lubumbashi Zoo.
Food security is a critical issue for the DRC and in Kinshasa, Fleurette and the GFF are developing 1,482 acres of land into the Kitoko Food Farm in partnership with local and international organizations. The farm is expected to employ 400 people and is expected to produce more than 4,500 tons of carrots, tomatoes, onions, potatoes and other vegetables in 2014.
About Oil of DRCongo
On 5th May 2010, Fleurette, through Caprikat and Foxwhelp Ltd, two entities created for the Project, entered into a PSC with the DRC Government relating to the oil exploration and production of the Blocks I&II on the Albertine Graben. Presidential Approval was granted on June, 18th, 2010. The Blocks cover an area of over 7000 km2, including onshore and offshore acreage. Caprikat and Foxwhelp Ltd, through Caprikat and Foxwhelp SARL (DRC), hold a 85% interest in the Blocks, while the remaining 15% is held by the DRC Government. Oil of DRCongo was established by
Caprikat and Foxwhelp Ltd in the last Quarter of 2010 as Operator. It is responsible, on behalf of the interest holders, for the management and performance of all the activities envisaged by the PSC for the Blocks' development.
A video of the work being done by Oil of DRCongo can be found here: http://www.youtube.com/channel/UCtp5vMqUpnZWxLlCyDj8l5Q
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Sep. 4, 2015 11:00 PM EDT Reads: 567
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Sep. 4, 2015 09:30 PM EDT Reads: 536
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Sep. 4, 2015 07:00 PM EDT Reads: 1,665
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Sep. 4, 2015 06:45 PM EDT Reads: 455
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Sep. 4, 2015 06:00 PM EDT Reads: 282
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Sep. 4, 2015 05:30 PM EDT Reads: 508
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Sep. 4, 2015 04:15 PM EDT Reads: 534
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Sep. 4, 2015 04:00 PM EDT
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
Sep. 4, 2015 04:00 PM EDT
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
Sep. 4, 2015 03:45 PM EDT Reads: 150
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Sep. 4, 2015 03:30 PM EDT Reads: 546
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Sep. 4, 2015 03:30 PM EDT Reads: 983
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Sep. 4, 2015 03:30 PM EDT Reads: 470
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Sep. 4, 2015 03:00 PM EDT Reads: 229
To assist customers with legacy Windows Server 2003 that is no longer supported by Microsoft, Racemi has introduced fixed price packages for upgrading and migrating Windows Server 2003 servers to either Windows 2008 R2 or Windows 2012 R2 and the choice of Amazon Web Services (AWS) or SoftLayer cloud. "We're extending a lifeline by upgrading the legacy servers to more modern Windows Server platforms while taking advantage of cloud computing," said James Strayer, vice president of product managem...
Sep. 4, 2015 02:12 PM EDT