CAMAC Energy discovered four new oil and gas reservoirs during drilling on an Oyo field development well in OML 120 offshore Nigeria, the firm said today (4 August).
Drilling on Oyo-8 started on 15 June. A vertical section of the well was designed to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo field.
Oyo-8 was drilled to 6059ft total depth and encountered four new oil and gas reservoirs with total gross hydrocarbon thickness of 112ft, based on results from the logging-while-drilling (LWD) data, reservoir pressure measurement, and reservoir fluid sampling, said CAMAC.
The well will now be completed horizontally as a producing well in the Pliocene formation of the Central Oyo field. Oyo-7, which was successfully drilled in October 2013, will also be completed horizontally in the Pliocene formation of the Central Oyo field.
"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," said Segun Omidele, Senior Vice President of Exploration and Production. "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."