Significant oil discovery offshore Nigeria

Significant oil discovery offshore Nigeria

Afren plc (“Afren” or the “Company”) announces that the high impact Ogo-1 well located on the OPL 310 licence offshore Nigeria has discovered a significant light oil accumulation, based on the results of drilling and wireline logs.
The Ogo-1 well has been drilled to a total measured depth of 10,518 ft (10,402 ft true vertical depth subsea), and has encountered a gross hydrocarbon section of 524 ft, with 216 ft of net stacked pay. The well was targeting 78 mmboe of gross P50 prospective resources, but based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates. Further evaluation using wireline log analysis is currently underway prior to extending the well to a total measured depth of 11,800 ft (11,684 ft true vertical depth subsea) to target further high potential zones.
The Ogo-1 discovery, testing a four-way dip-closed structure in the Turonian, Cenomanian, and Albian sandstone reservoirs, confirms the extension of the same Cretaceous sandstones that have yielded other significant discoveries along the West African Transform Margin.
Following the completion of drilling operations at Ogo-1, the Partners intend to drill a planned side-track, Ogo-1 ST, which will test a new play of stratigraphically trapped sediments that pinch-out onto the basement high targeting 124 mmboe of gross P50 prospective resources.
The Partners’ participating and economic interests on the block are as follows:
————————————- Participating Interest————— Economic Interest*
Optimum——————————— 60.00% ——————————-30%
Afren ————————————– 22.86% ——————————–40%
Lekoil————————————- 17.14% ——————————–30%
*Following the announcement of the farm-out to Lekoil Limited (“Lekoil”) on 14 May 2013, subject to Nigerian Ministerial consent. Economic Interest post Afren and Optimum achieving cost recovery.
Osman Shahenshah, Chief Executive of Afren, commented:
“The discovery of oil in the Ogo-1 well opens up a new oil basin in an under-explored region and represents a possible extension of the West African Transform Margin. Based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates, with some high-potential zones still to be drilled. We look forward to working with our Partners to realise the full potential of Ogo and our additional prospects on the license.
The Ogo-1 exploration success follows a series of recent discoveries, Okoro Field Extension, Ebok North Fault Block and Okwok in Nigeria and Simrit-2 and Simrit-3 on the Ain Sifni Block in the Kurdistan region of Iraq.”
Source: Afren Plc
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