News
Afren Finds oil in South-East Well
British oil firm Afren has confirmed the presence of oil at one
of its wells in offshore south east Nigeria, and said it planned
to drill another well in offshore Ghana later this month.Afren,
whose main producing fields are in Nigeria but owns assets
across Africa, said it found 549 feet of net oil pay -- the zone
of a reservoir that contains economically producible oil -- and
41 feet of net gas pay at the Okoro East exploration well.The
company said the well reached a total measured depth of 8,751
feet.
Afren, which shares the well with Amni International Petroleum
Development Co Ltd, said logging operations had been completed
at the site and the well was being prepared for testing.
Last month, First Hydrocarbon Nigeria (FHN), which is part-owned
by Afren, said it had bought a 45 percent stake in Nigerian oil
block OML 26 for $147.5 million from Shell , Total and Eni.
Afren's shares, which have gained more than a quarter of their
value over the past three months, closed at 115 pence on Monday
on the London Stock Exchange, valuing the firm at 1.23 billion
pounds ($1.89 billion).
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