Camac Energy has announced that it has discovered four new oil and gas reserves in an offshore Nigerian well located at OML 120
The Oyo-8 well commenced drilling operations mid-June 2014 and has both a vertical and a horizontal section, the US-based explorer said. The vertical section was designed to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo field, the company added.
The well was drilled to a total depth of 1,846 metres, and encountered four oil and gas reservoirs with total gross hydrocarbon thickness of 34 metres based on results from the logging-while-drilling data, reservoir pressure measurement, and reservoir fluid sampling.
Oyo-8 is planned to be now completed horizontally as a producing well in the Pliocene formation of the Central Oyo field. Oyo-7, which was drilled in October 2013, will also be completed horizontally in the Pliocene formation of the Central Oyo field.
Segun Omidele, senior vice-president of exploration and production, said, “This is an excellent result from the vertical section of Oyo-8, as it positively established oil presence in new reservoirs in the Eastern fault block. We have commenced a detailed evaluation of the results with a view to establishing the size of the incremental reserve additions.
“We are one step closer to bringing these two high-impact development wells on production that will generate immediate revenues, cash flow, and earnings for our shareholders.”
Camac Energy’s asset portfolio consists of nine licenses across four countries covering an area of 43,000 sq km, including current production and other projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and Gambia and onshore Kenya.