United States-based Camac Energy Inc on Monday announced its discovery of four new oil and gas reservoirs in the vertical section of Oyo-8 development well located offshore Nigeria in Oil Mining Lease (OML) 120.
In a statement released by the company, Camac disclosed it drilled Oyo-8 to a total depth (TD) of 6,059 feet, and successfully encountered four new oil and gas reservoirs with total gross hydrocarbon thickness of 112 feet based on results from the logging-while-drilling (LWD) data, reservoir pressure measurement, and reservoir fluid sampling.
Camac, which commenced drilling operations on the Oyo-8 well in October 2013, added that the well will now be completed horizontally as a producing well in the Pliocene formation of the Central Oyo field Oyo-7.
“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,” Segun Omidele, senior vice president of exploration and production at Camac, said.
“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.”
The development well lies within the Oyo field, which was one of the first deepwater oil discoveries made in Nigeria. The field is located approximately 75 kilometres offshore Nigeria in water depths of approximately 300 metres.
Earlier in February, Camac, which explores for oil and gas mostly in Nigeria, had closed the acquisition of the remaining economic interests that it did not already own in the production-sharing contract covering OMLs 120 and 121 offshore Nigeria, which include the currently-producing Oyo field, from Allied Energy.
Camac, an independent oil and gas exploration and production company focused on energy resources in Africa, has exploration licenses offshore Ghana, Kenya, and Gambia, and onshore Kenya.