Tom Shot Bank (TSB) Field , is located in eastern Nigeria in the Oil Mining Lease (OML 14). It is approximately equidistant from Abana Field which has an estimated ultimate recovery of 70 Million barrels of oil and 2.5 Trillion Cubic feet of gas (IHSE GEPS 2010), Stubb Creek Field, 19 million barrels of oil and 700 BCF (IHSE GEPS 2010) and NDIBE Field in OML 67. It is due north of Addax Petroleum’s OML 123 which is currently producing approximately 50,000 BOPD.
Tom Shot Bank Field was discovered by Shell Petroleum in 1980 and encountered 425 Gross Feet of hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay with another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs which Shell Petroleum interpreted as probable laminated reservoirs.
TSB-1 intersected five gas zones and four oil zones, while TSB-2, drilling in 1989 by Shell, found five gas zones, but crossed a major fault and missed the underlying oil bearing structure. The well was then plugged, and Shell relinquished the concession.
In 1996, the Tom Shot Bank was declared as a Marginal Field under the Petroleum Amendment Act 23, and was then awarded to Associated Oil and Gas (51% & operator) and Dansaki Petroleum (49%) in 2003 to be operated under a joint venture arrangement..
AOGSL and DPL signed a Joint Operating Agreement (JOA) on April 24, 2007. After exhaustive search, both companies entered into equity and production sharing agreements with Amber Petroleum Limited.
Work then began with re-processing and re-interpretation of old seismic data, Environmental Impact Assessment , establishing contacts with the host communities and searching for appropriate rig to go to site and do some work over and drilling work.
Following acquisition of Amber Petroleum by Equinox (in partnership with Mira Resources), a new tripartite agreement was signed between AOGSL, DPL and EQUINOX TOM SHOT BANK DEVELOPMENT COMPANY.
The joint venture is presently officed at Plot 1411 Adetokunbo Ademola Street Victoria Island. It has already secured a contract for the drilling rig Ben Avon, which is scheduled to arrive at site by mid 2011 and carry out workover on the Tom Shot Bank Well No 1.