After starting drilling operations around the Oyo-8 well offshore Nigeria on June 15, JSE- and NYSE-listed Camac Energy’s Northern Offshore Energy Searcher drillship has delivered “excellent” preliminary results, positively establishing oil presence in new reservoirs in the Eastern fault block.
Four new oil and gas reservoirs had been encountered at Oyo-8, which was drilled to a depth of 1 847 m.
A total gross hydrocarbon thickness of 34 m had been recorded based on results from the logging-while-drilling data, reservoir pressure measurement and reservoir fluid sampling.
A detailed evaluation of the results had started to establish the size of the incremental reserve additions, Camac exploration and production senior VP Segun Omidele said in a statement.
The Oyo-8 well, in addition to the Oyo-7 well, which was successfully drilled in October 2013, would now be completed horizontally as a producing well in the Pliocene formation of the Central Oyo field.
“We are one step closer to bringing these two high-impact development wells to production, [which] will generate immediate revenues, cash flow and earnings for our shareholders,” Omidele said.